The Covid19 pandemic has changed Singapore's politico-socio-economic landscape, so the SDP has drawn up 5 focus points to deal with these changes in the immediate and long-terms. 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. BY Nurhuda Syed 20 Oct 2020. 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.. One of Southeast Asia's most modern and dynamic cities, Singapore is also one of the most visited cities in the world. 2020 could see the worst recession in the whole of Singapore's existence as a nation. Singapore’s emergence from the Covid-19 shock is gathering pace, but that isn’t boosting the nation’s equity benchmark. 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. Loyal. Apart from unhappy customers in certain markets, they seem to also be facing some unhappy partners in Taiwan. Reporting Retrenchment Benefits premium content on your favourite platforms. 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. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. The Singapore government is on track to secure COVID-19 vaccines for all Singaporeans and long-term residents by 2021. 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. Things To Eat. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. 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. Hot Deals. Have you addressed these areas? 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. New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. Featured news releases. According to advanced estimates forecast on July 29, there would be 9,920 layoffs in the first half of the year. retrenchment Blogs, Comments and Archive News on Economictimes.com. … The FAQ has generated much interest among Singapore HR practitioners on the subject, as companies are increasingly compelled to tighten their belts in the current downturn. Trending. Get more information about JOB CUTS at straitstimes.com. We have been told over and over again that foreigners to cushion unemployment of locals in a downturn of the economy. Latest update (15 May): Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore. Lifestyle News. 3. Next Last. Tue, Dec 15, 2020. Retrenchment benefits are payments given to employees to compensate them for the loss of employment. PHOTO: The Straits Times Print Twitter LinkedIn. Tell us what kind of news matters to you! VERIFICATION EMAIL. A string of negative news has been surfacing out of Honestbee’s hives around the world. News; News; Retrenchment checklist: 10 ways to keep it a 'fair' exercise. 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. It is mandatory for employers with at least 10 employees who have retrenched 5 or more employees within any 6-month period to notify MOM of the retrenchment exercise. Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA. Hence, helping businesses stay afloat and safeguarding employees’ livelihoods are equally important. JCB India bites the retrenchment bullet, sacks 400 permanent employees. More than 17 million people visited Singapore in the first 11 months of 2019. Copyright© Mediacorp 2020. Skip to main content. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Mediacorp Pte Ltd. All rights reserved. Retrenchment In Singapore. RESEND VERIFICATION EMAIL. 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. 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. Hello, your email is unverified. [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. Have you read these stories? retrenchment Blogs, Comments and Archive News on Economictimes.com. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected MARKETS. Please note that the information in this article is accurate as at 20 October 2020. Weekly insights into the world of startups. 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. (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. The coronavirus pandemic and the extended lockdown has had a clear impact on South African companies, with various government bodies reporting an increase in retrenchment and insolvencies. 198402668E. Thread starter A Singaporean; Start date Apr 23, 2020; 1; 2; Next. 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. Retrenchment in full swing in Singapore. Business insights about the fast-growing Asean market. If you have decided and will be going through a retrenchment exercise, you are strongly encouraged to submit a notice of retrenchment. Keep up to date with the Singapore Tech News, Stories, and Community Insights from Asia's Tech Ecosystem Amount of compensation. 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. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. The U.S. dollar-Singapore dollar exchange rate is forecast at 1.3400 for end-2020, down from 1.3700 projected previously. September 15, 2020. Retrenchment due to restructuring. Relief Provided for Employees Whose Livelihoods Are Affected. 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. Today’s print edition of BT, delivered to your inbox. Employees who have served the company for at least 2 years are eligible for retrenchment benefits. See news report below. Share. Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … (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 … Shaken by new coronavirus strain, world shuts the door on Britain, Brits rush to supermarkets ahead of Christmas as borders close, Malaysian glove maker denies its workers are living in shipping containers, Regulator clears way for use of Pfizer Covid-19 vaccine in Europe, Aramco to bring Google Cloud services to Saudi Arabia, Singapore property investment market likely to get 'shot in the arm' in 2021: CBRE, Singapore Airlines has spent S$7.1b of S$8.8b raised in rights issue. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. SINGAPORE - Retrenched Singapore Airlines (SIA) staff will receive one month of pay for every year of service, capped at 25 months, The Straits Times has learnt. ALL NEWS; WEEKLY; BREAKING; TODAY'S PAPER; LIFESTYLE; OPINION; … SIA Engineering joint venture allegedly laid off 144 employees in two retrenchment exercises. ... 04 Sep, 2020, 09.08 PM IST. 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. × Hello, your email is unverified. News; News; The consequences of 'unfair' retrenchment practices in Singapore. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … HRD finds out how the Ministry of Manpower handles employee complaints BY Nurhuda Syed 04 Nov 2020. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. The COVID-19 pandemic is an unprecedented crisis that has resulted in business difficulties for many employers as well as put jobs and employees’ livelihoods at risk. ... 2020, 1:26 pm . Then, consider the abilities of the staff, their skills, and how those are relevant to the business – in the short as well as long-term. Commentary. ... in its latest labour market report. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. Sleepless nights for SABC employees amid retrenchments 26 November 2020, 6:31 PM. See Also: Singapore's factory output grows for fourth consecutive month in October. 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. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners, Displaying Read more. Source: Ministry of Manpower. Notify MOM of retrenchment. Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. Singapore Airlines (SIA) and Vistara, a joint venture between Tata Sons Private Limited and SIA, have signed a Commercial Cooperation Framework Agreement. 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. Wine and dine or plan your next holiday with BT’s weekend newsletter. Business sector generally upbeat in next six months till March 2021 Employment. Times are tough and the company is considering a retrenchment exercise – how can you help keep the process sensitive and fair for everyone? For further queries, please contact: Ministry of Manpower Online enquiry www.mom.gov.sg Singapore National Employers Federation (SNEF) Industrial and Workplace Relations THE BUSINESS TIMES Singapore economy - Find Singapore economy News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. the Ministry of Manpower ("MOM"), the Singapore National Employers… 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?" Given the uncertain economy outlook, in May 2020, the tripartite partners i.e. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. 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