In the latest Ministry of Manpower (MOM)’s labour market report released on Monday (14 September), it revealed that the retrenchment more than doubled to 8,130 in the second quarter of 2020 from the first quarter figure of 3,220.. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . ... Latest News. Weekly insights into the world of startups. Singapore October 26 2020 As a result of COVID-19, businesses in Singapore have implemented cost-saving measures such as reduction of employees' salaries and retrenchment. THE BUSINESS TIMES Singapore economy - Find Singapore economy News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. September 15, 2020. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. Tell us what kind of news matters to you! retrenchment Blogs, Comments and Archive News on Economictimes.com. How bad is the retrenchment situation in Singapore, and how much worse it will get Saturday, 15 Aug 2020 02:43 PM MYT Even as retrenchment figures rise, the official numbers may still not capture the full picture since they do not include firms with fewer than 25 employees or affected workers in the gig economy, economists told TODAY. Get more information about JOB CUTS at straitstimes.com. Read more. Reporting Retrenchment Benefits Singapore’s emergence from the Covid-19 shock is gathering pace, but that isn’t boosting the nation’s equity benchmark. The U.S. dollar-Singapore dollar exchange rate is forecast at 1.3400 for end-2020, down from 1.3700 projected previously. SINGAPORE — According to the Ministry of Manpower’s (MOM) latest labour report, while retrenchments fell from 3,230 in the first quarter to 2,320 in the second, the number of PMETs who lost their jobs increased from 1,440 to 1,680, making them the bulk of those retrenched. It is intended to provide general information only. Data on retrenchment are useful in monitoring the impact of an economic downturn or restructuring on workers and in identifying industries which are re-structuring or ailing. In view of the evolving?COVID-19?situation, the?Ministry of Manpower (MOM), the National Trades Union Congress (NTUC), and the Singapore National Employers Federation (SNEF) have jointly updated the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment (Advisory).. With businesses suffering sharp?declines in volume and revenue in some sectors,?some employers have … Things To Eat. Keep up to date with the Singapore Tech News, Stories, and Community Insights from Asia's Tech Ecosystem retrenchment Blogs, Comments and Archive News on Economictimes.com. Featured news releases. [DOVER] A slew of countries closed their borders to Britain on Monday over fears of a highly infectious new... [LONDON] Britons rushed to supermarkets on Monday to stock up for Christmas after stricter pandemic rules meant last... [KUALA LUMPUR] A Malaysian glove maker has denied hundreds of its workers are living in metal shipping containers in... [AMSTERDAM] Europe's medicines regulator on Monday approved the use of the Covid-19 vaccine jointly developed by US... [DUBAI] Saudi Aramco Development, a subsidiary of Aramco, has teamed up with Google Cloud to offer cloud services to... By signing up, you agree to our Privacy Policy and Terms and Conditions. Copyright© Mediacorp 2020. the Ministry of Manpower ("MOM"), the Singapore National Employers… This latest budget comes after the government committed to S$6.4 billion (US$4.4 billion) in its 2020 state budget (also called Unity Budget) to fight the pandemic. CAAS and Thales establish joint aviation innovation research lab . Singapore News - The number of retrenchments rose in the first quarter of this year, with the majority of those retrenched being 40 years old and above. × Hello, your email is unverified. Preliminary retrenchment figures in 2019 is 10,700, consisting permanent employees (9,900) and contract ones (800). Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. The Singapore government is on track to secure COVID-19 vaccines for all Singaporeans and long-term residents by 2021. Latest Singapore news: Breaking news, top stories on courts, crime, housing, property, health, transport, jobs and education on CNA, as well as videos and features. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. "Is it really a retrenchment?" The updated second-quarter decline will bring GDP contraction in the first half of 2020 to 6.7 per cent year on year, worse than the earlier estimate of a 6.45 per cent drop. Share. Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. Unemployment Rate in Singapore increased to 3.60 percent in the third quarter of 2020 from 2.80 percent in the second quarter of 2020. Drama. A string of negative news has been surfacing out of Honestbee’s hives around the world. The author of the FAQ cites the Employment Act for the definition of a retrenchment. Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … Skip to main content. Get the Latest Singapore News from Tech In Asia. SINGAPORE — A number of StarHub staff were left in shock, and tears, at the telco’s headquarters in Ubi this week, as they received news that they had been retrenched from their jobs. ... 2020, 1:26 pm . Despite the economic uncertainties due to the Covid-19 pandemic, the property market in Singapore is showing signs of revival with the third quarter of 2020 registering good sales. SIA Engineering joint venture allegedly laid off 144 employees in two retrenchment exercises. 198402668E. 10 out of The year 2020 has taught us many things but one message really resonated — the call to be confident, passionate, and committed to being true to one’s self. premium content on your favourite platforms. Go. Hence, helping businesses stay afloat and safeguarding employees’ livelihoods are equally important. Today’s print edition of BT, delivered to your inbox. Next Last. Employees who have served the company for at least 2 years are eligible for retrenchment benefits. Advance estimates released in October point to a 7% year-on-year shrinkage of the economy in 3Q2020 compared to the 13.3% contraction in the quarter before. Source: Ministry of Manpower. Unemployment Rate in Singapore increased to 3.60 percent in the third quarter of 2020 from 2.80 percent in the second quarter of 2020. Retrenchment due to restructuring. All you need to know to start your day, right in your inbox. Share. Please confirm for access to all your SPH accounts. Retrenchment In Singapore. Relief Provided for Employees Whose Livelihoods Are Affected. RESEND VERIFICATION EMAIL. Statistical definitions, concepts and sources on: Retrenchment Last updated on 06 November 2020 10:13:58 Best viewed using IE 11, Firefox 12 or Google Chrome … THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Read more. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. This is as labour numbers typically tail behind the economic growth cycle by one to two quarters, he says while referencing the republic’s latest GDP figures. Commentary. 25-Feb-2020. Loyal. Updated: Dec 19, 2020, 01.23 PM IST. 2020 could see the worst recession in the whole of Singapore's existence as a nation. Print Twitter LinkedIn. The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. RESEND ... 04 Sep, 2020, 09.08 PM IST. Business insights about the fast-growing Asean market. In a parliamentary speech, Singapore’s Manpower Minister Josephine Teo broke down how the Ministry of Manpower … The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020. Mediacorp Pte Ltd. All rights reserved. BY Nurhuda Syed 20 Oct 2020. THE BUSINESS TIMES Opinion - Find Opinion News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. SUTD and Thales collaborate to accelerate the development of smart aviation technologies. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA. If you have decided and will be going through a retrenchment exercise, you are strongly encouraged to submit a notice of retrenchment. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … Aerospace in Singapore Thales plays a significant role in every aspect of aerospace and avionics. Tue, Dec 15, 2020. See news report below. Retrenchment in full swing in Singapore. Unemployment Rate in Singapore averaged 2.44 percent from 1986 until 2020, reaching an all time high of 6 percent in the first quarter of 1986 and a record low of 1.40 percent in the second quarter of 1990. From 16 March 2020, 2359 hours, any Singapore foreign employees (on work passes, In-Principle Approval, Dependant's Passes or Long-Term Visit Pass holders) and their dependants who have transited at or travelled to prescribed COVID-19 areas within the last 14 days are required to obtain the MOM's approval before they can enter Singapore. Apart from unhappy customers in certain markets, they seem to also be facing some unhappy partners in Taiwan. A round-up of all the important things that happened today. 3. See Also: Singapore's factory output grows for fourth consecutive month in October. Lifestyle News. One of Southeast Asia's most modern and dynamic cities, Singapore is also one of the most visited cities in the world. Who is eligible. JCB India bites the retrenchment bullet, sacks 400 permanent employees. An employer must also notify MOM of the retrenchment exercise, if the employer has at least 10 employees and retrenches 5 or more employees within any 6-month period. Have you read these stories? Thread starter A Singaporean; Start date Apr 23, 2020; 1; 2; Next. 30 results, {{pagination.index.feedback}} According to advanced estimates forecast on July 29, there would be 9,920 layoffs in the first half of the year. This month, explore an exciting rooftop dining destination, a … SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. COVID-19: Labour movement urges firms to protect Singaporean workers | Video, Retrenched workers cut expenses, take on temporary jobs | Video, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM | Video, Retrenched workers face challenges upskilling in search for jobs amid COVID-19 | Video, Only a quarter of BP's 10,000 job cuts to be voluntary, Retrenchment benefits law does not guarantee better outcomes for employees: Josephine Teo, Cathay Pacific pilots push for seat at table for restructuring talks, Airbus CEO: We can't guarantee no compulsory layoffs, SIA crew recount 'sad day' when airline announced retrenchment exercise, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM. Please note that the information in this article is accurate as at 20 October 2020. New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. (Photo: Getty Images) SINGAPORE — From the novel coronavirus situation in Singapore and politics across the Causeway, to President-elect Joe Biden’s electoral win over incumbent Donald Trump in the US – here are the top 10 news events and personalities that … Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. What happens if a retrenched employee accuses you of carrying out ‘unfair dismissals’? Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. Agri reforms have started benefiting farmers: Modi. More at the end of this article. Amount of compensation. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. (ii) The retrenchment benefit is not taxable, as it is a payment to compensate Mr Tan for the loss of employment and hence capital in nature. Opinion. He expects Singapore’s unemployment rate to hit 3.5% in December, given the uptick in business sentiments and economic conditions. Live Coronavirus latest news: Relaxed Christmas rules could cause 'tsunami' of cases, nursing chief says By Global Health Security Team 18 Dec 2020, … The exchange rate is forecast at 1.3150 for end-2021. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. This article discusses some of the viewpoints set out in the FAQ published in the Straits Times on 23 August 2020 on the subject "What happens if you are retrenched?" News; News; The consequences of 'unfair' retrenchment practices in Singapore. This service is not intended for persons residing in the EU. ... in its latest labour market report. M1 retrenched 50 Singapore employees in February 2020, according to an official statement. SINGAPORE, Dec. 9 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced in a report on Wednesday that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's gross domestic product (GDP) to decline by 6 percent in 2020. The livelihoods of businesses and families impacted by the outbreak S'pore could see the worst recession the... Be granted an ex-gratia payment out of Honestbee ’ s print edition of BT, to. A retrenched employee accuses you of carrying out ‘ unfair dismissals ’ from unhappy customers in certain markets they!, a … Hello, your email is unverified article is accurate as at 20 October 2020 of %! Are equally important subscribe, I agree to receive news updates and promotional material from Mediacorp and 's. 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