ALTHOUGH Singapore slipped into a recession in 2008, its economic growth was still positive at 1.5 per cent, said Prime Minister Lee Hsien Loong on Wednesday.
It is, however, lower than the annual growth forecast of 2.5 per cent, owing to the severe fallout from the global financial crisis.
The anaemic economy dominated Mr Lee's New Year message, which outlined an outlook that continues to be 'highly uncertain' and facing the threat of a rise in retrenchments.
'We must therefore prepare for a difficult year ahead, and especially the first half of 2009,' he said.
'Our economy will probably contract further. More companies will be forced to downsize. So far we have not seen many job losses, but I expect more retrenchments in the next few months. We must be psychologically prepared.'
There were 6,418 layoffs in the first nine months of 2008 and analysts predict the figure in the new year could surpass the peak of 30,000 in 1998 during the Asian financial crisis.
Mr Lee, however, assured Singaporeans the Government will intensify its efforts to help companies and citizens cope with the crisis.
The details will be in the Budget to be unveiled on Jan 22.
'The emphasis is still to protect jobs,' he said. 'We will do more to help companies to stay afloat and continue to employ their workers.'
Keeping a lid on business costs, such as rental and wage bills, was among the measures he highlighted, adding that more financing support for companies are under study.
These are on top of its swift response to the global crisis when it introduced some help schemes in December.
They include a Government-backed enhanced loan scheme for companies and a training scheme that gives bosses more money to retrain, rather than retrench, workers. More than 120 companies will send over 4,200 workers for training under this Spur programme.
Mr Lee also pledged there could be off-Budget measures if the need arises.
He said: 'If more measures become necessary, we have the resources, and the will, to do more to see Singapore through this recession.'
In the meantime, he cautioned against viewing the Budget 2009 as a cure-all for the ailing economy.
'The Budget package will not restore our economy to high growth overnight. But our measures will moderate the impact on Singaporeans, and on our economy,' he said.
This is because the global recession, unlike the Asian financial crisis, is the worst in 60 years. It will take longer to recover, with several years of slow growth.
Singapore needs to seek out new growth opportunities so that it emerges stronger after the downturn, Mr Lee said.
'Hence, the Budget will also contain measures to develop our competitiveness and build up new and long term capabilities. Some businesses may not recover from the slump in global demand, but most should survive,' he said.
'We will help them to build up their operations, and also encourage new businesses to grow, so that there will always be good jobs for Singaporeans.'
But the Government can only do so much, said Mr Lee as he stressed the importance of tackling the crisis as one nation. He called on companies, unionists, and Singaporeans to help each other ride out the tough times.
Layoffs should be the last resort, he stressed while urging workers to upgrade their skills and take up even unpopular jobs in marine and construction.
Singaporeans can also look to new jobs from investment commitments which the Economic Development Board forecasts could exceed $10 billion in 2009.
- The Straits Times
Dec 31, 2008
Dec 29, 2008
Middle class gets help from CDC
SOUTH West Community Development Council (CDC) is the first council in Singapore to offer a help package for residents affected by the recent economic downturn, including those from the usually neglected middle-class group.
Retrenched Singaporeans whose monthly household income is $2,500 and below, and are deemed to be in need of help, qualify for the South West CDC's Interim Coping Package for Economic Downturn (iCope).
This is unlike most national financial aid schemes where only those with monthly household incomes of $1,500 and below qualify.
'We want to reach out to more people who may need help,' said Dr Amy Khor, Mayor of the South West District.
'The lower-middle class may face difficulties with mounting bills, but they don't qualify for national help schemes.'
Next year, South West CDC has budgeted $1.5 million - more than treble the amount spent this year - to fund the iCope package for up to 10,000 retrenched workers and poor families.
Its help package combines new initiatives and existing ones. Among the new initiatives are a one-off transport grant of $50, workshops for retrenched workers and an internship scheme.
Some job seekers were apprehensive about switching to a different industry, said Dr Khor, so it is hoped that the internship scheme will give them an understanding of a new industry.
Besides the new initiatives, retrenched workers living in areas such as Jurong and Chua Chu Kang, can also access the CDC's existing help schemes.
These include food rations and vouchers for utilities.
- The Straits Times
Retrenched Singaporeans whose monthly household income is $2,500 and below, and are deemed to be in need of help, qualify for the South West CDC's Interim Coping Package for Economic Downturn (iCope).
This is unlike most national financial aid schemes where only those with monthly household incomes of $1,500 and below qualify.
'We want to reach out to more people who may need help,' said Dr Amy Khor, Mayor of the South West District.
'The lower-middle class may face difficulties with mounting bills, but they don't qualify for national help schemes.'
Next year, South West CDC has budgeted $1.5 million - more than treble the amount spent this year - to fund the iCope package for up to 10,000 retrenched workers and poor families.
Its help package combines new initiatives and existing ones. Among the new initiatives are a one-off transport grant of $50, workshops for retrenched workers and an internship scheme.
Some job seekers were apprehensive about switching to a different industry, said Dr Khor, so it is hoped that the internship scheme will give them an understanding of a new industry.
Besides the new initiatives, retrenched workers living in areas such as Jurong and Chua Chu Kang, can also access the CDC's existing help schemes.
These include food rations and vouchers for utilities.
- The Straits Times
Philips to cut Singapore jobs
DUTCH electronics firm Philips is cutting 5 per cent of staff at its consumer lifestyle business in Singapore, or nearly 100 people, due to a restructuring of its global operations, the company said on Monday.
Some job losses will also take place in Hong Kong, Philips spokesman Lim Bee Hong said in a statement.
Ms Lim said the job losses stem from the Dutch firm's decision to focus on three instead of five product categories within its audio, video and multi-media unit.
Earlier this month Philips said it will restructure its businesses to cope with a worsening economic environment.
The world's biggest lighting maker and Europe's biggest consumer electronics producer said tougher markets, including construction and automotive, will make it harder for it to meet mid-term profit targets.
The comments follow similar warnings from rivals Sony , Sharp Corp and Panasonic.
- Reuters
Some job losses will also take place in Hong Kong, Philips spokesman Lim Bee Hong said in a statement.
Ms Lim said the job losses stem from the Dutch firm's decision to focus on three instead of five product categories within its audio, video and multi-media unit.
Earlier this month Philips said it will restructure its businesses to cope with a worsening economic environment.
The world's biggest lighting maker and Europe's biggest consumer electronics producer said tougher markets, including construction and automotive, will make it harder for it to meet mid-term profit targets.
The comments follow similar warnings from rivals Sony , Sharp Corp and Panasonic.
- Reuters
Dec 27, 2008
'Help, we're jobless'
MATCHING people with jobs here is usually done by the public and private agencies and welfare organisations.
But would it be a good idea for lower-income workers who don't fit in the conventional categories to display their skills at a 'flea market' for jobs? Self-help is to be lauded but should people hit the streets to hunt for jobs when the situation here isn't grim?
A New Yorker, aged 59, did just that last month in Manhattan by wearing a large sign that read, 'Almost homeless'. For nine months, he had looked for work with no success. So he turned to the streets. His effort landed him interviews and encouragement from fellow New Yorkers.
We don't want Singaporeans to do the same here because we are socially organised in a different way. But what about the idea of a job fair on the streets for lower-income workers with special skills or needs? Since their numbers are small, going public might help to match them directly with those who can use such one-of-a-kind skills.
But are Singaporeans ready to announce their search for a job publicly? We put it to a test.
Two undercover reporters, one aged 25 and the other 43, stood outside Raffles Place MRT from noon to 1.30pm yesterday. Each wore a sign which said he was 'looking for a job'.
How did people react?
WILL a flea market for lower-income workers with special skills and needs work? This remains to be seen.
But I stood on the streets with a jobless sign and three people offered me jobs.
One, a bank employee who did not want to be named, said he would give my telephone number to some people he knew who managed private bank accounts in the Middle East. He told me: 'Go to the Middle East, that is where they are hiring people.'
Insurance agent Dave Tiang, who is in his 40s, gave me his name card and invited me to call him. He was looking for financial consultants or insurance agents.
Two lifestyle promoters, who looked to be in their early 20s, were curious. One of them later asked me what work I was willing to do.
I replied that I was willing to do anything that was honest. He gave me a name card belonging to Mr Justin Colond and asked me to call him.
The three did not ask about my age or experience.
When told about the purpose of the experiment, they took it in good spirit.
Mr Tiang said: 'The method caught my attention. I gave you both job offers since I am looking for people for my organisation.'
The bank employee said: 'Well, it might be better to send resumes to prospective employers.'
Mr Colond, 24, managing director of a firm organising promotional tie-ins with merchants here, felt that while such signboards would attract attention, he did not think it would lead to many job offers.
A woman in her 40s said: 'Go overseas and work, but don't go to Hong Kong as the employment situation is bad there.'
Wearing a sign in the street might get sympathy, said Mr Adrian Tan, managing director of employment agency RecruitPlus Consulting, but not jobs.
He said: 'It is unlikely to work among large numbers of people as the general reaction of Singaporeans is to ignore them altogether or just take photographs.'
Ms Kathleen Chew, assistant vice-president of JCGSearch International, said the method was out of the box. Such methods are common in the US, she said, but unlikely to be popular among Asians.
Ms Chew said: 'Many people, especially Asians, will not be willing to do it because they are afraid of losing face. They would not like highlighting the fact they are jobless.'
Ms Amy Hoon, a consultant with JAF Consulting Pte Ltd, said using such signboards can be effective in getting people to be interviewed by potential employers or HR consultants, but suitability for employment would still have to be decided on resumes and work experience.
- The New Paper
But would it be a good idea for lower-income workers who don't fit in the conventional categories to display their skills at a 'flea market' for jobs? Self-help is to be lauded but should people hit the streets to hunt for jobs when the situation here isn't grim?
A New Yorker, aged 59, did just that last month in Manhattan by wearing a large sign that read, 'Almost homeless'. For nine months, he had looked for work with no success. So he turned to the streets. His effort landed him interviews and encouragement from fellow New Yorkers.
We don't want Singaporeans to do the same here because we are socially organised in a different way. But what about the idea of a job fair on the streets for lower-income workers with special skills or needs? Since their numbers are small, going public might help to match them directly with those who can use such one-of-a-kind skills.
But are Singaporeans ready to announce their search for a job publicly? We put it to a test.
Two undercover reporters, one aged 25 and the other 43, stood outside Raffles Place MRT from noon to 1.30pm yesterday. Each wore a sign which said he was 'looking for a job'.
How did people react?
WILL a flea market for lower-income workers with special skills and needs work? This remains to be seen.
But I stood on the streets with a jobless sign and three people offered me jobs.
One, a bank employee who did not want to be named, said he would give my telephone number to some people he knew who managed private bank accounts in the Middle East. He told me: 'Go to the Middle East, that is where they are hiring people.'
Insurance agent Dave Tiang, who is in his 40s, gave me his name card and invited me to call him. He was looking for financial consultants or insurance agents.
Two lifestyle promoters, who looked to be in their early 20s, were curious. One of them later asked me what work I was willing to do.
I replied that I was willing to do anything that was honest. He gave me a name card belonging to Mr Justin Colond and asked me to call him.
The three did not ask about my age or experience.
When told about the purpose of the experiment, they took it in good spirit.
Mr Tiang said: 'The method caught my attention. I gave you both job offers since I am looking for people for my organisation.'
The bank employee said: 'Well, it might be better to send resumes to prospective employers.'
Mr Colond, 24, managing director of a firm organising promotional tie-ins with merchants here, felt that while such signboards would attract attention, he did not think it would lead to many job offers.
A woman in her 40s said: 'Go overseas and work, but don't go to Hong Kong as the employment situation is bad there.'
Wearing a sign in the street might get sympathy, said Mr Adrian Tan, managing director of employment agency RecruitPlus Consulting, but not jobs.
He said: 'It is unlikely to work among large numbers of people as the general reaction of Singaporeans is to ignore them altogether or just take photographs.'
Ms Kathleen Chew, assistant vice-president of JCGSearch International, said the method was out of the box. Such methods are common in the US, she said, but unlikely to be popular among Asians.
Ms Chew said: 'Many people, especially Asians, will not be willing to do it because they are afraid of losing face. They would not like highlighting the fact they are jobless.'
Ms Amy Hoon, a consultant with JAF Consulting Pte Ltd, said using such signboards can be effective in getting people to be interviewed by potential employers or HR consultants, but suitability for employment would still have to be decided on resumes and work experience.
- The New Paper
Dec 26, 2008
Retrenchment, a truly last resort: Poll
SURVEY of 160 companies shows that more than half would resort to flexible work arrangements to stave off retrenchments.
About 56 per cent of the firms polled by the Singapore National Employers Federation (Snef) said they would manage their costs aggressively — a sign that these companies are prepared to consider retrenchment only as a last resort. This, despite some of their order books being less than full.
Snef told Channel NewsAsia that its members find the tripartite guidelines on managing excess manpower realistic; federation chief Stephen Lee felt the survey results were encouraging.
“We are not against retrenchment. If a company needs to retrench to survive, it ought to do it,” he said. “We are only giving them a list of alternatives ... If the downturn should be short-lived, you can retain your talent and trained workforce.”
The National Trades Union Congress (NTUC) said employers do not have to be afraid of Singapore’s labour movement, as it knows what it is doing in its task of protecting workers’ interests.
Far from tripartism losing steam, the recent unhappiness surrounding DBS Bank’s retrenchment exercise has allowed both its union and the bank to further strengthen their relationship, NTUC felt. Said deputy secretary general Mr Heng Chee How: “If a company starts taking unannounced unilateral action, it frightens everybody and upsets the system.
“Tripartism here recognises reality quickly and it is responsive and also responsible. So let’s put our heads together and do the most sensible thing, and take care of the side effects and the displacements
- Channel News Asia
About 56 per cent of the firms polled by the Singapore National Employers Federation (Snef) said they would manage their costs aggressively — a sign that these companies are prepared to consider retrenchment only as a last resort. This, despite some of their order books being less than full.
Snef told Channel NewsAsia that its members find the tripartite guidelines on managing excess manpower realistic; federation chief Stephen Lee felt the survey results were encouraging.
“We are not against retrenchment. If a company needs to retrench to survive, it ought to do it,” he said. “We are only giving them a list of alternatives ... If the downturn should be short-lived, you can retain your talent and trained workforce.”
The National Trades Union Congress (NTUC) said employers do not have to be afraid of Singapore’s labour movement, as it knows what it is doing in its task of protecting workers’ interests.
Far from tripartism losing steam, the recent unhappiness surrounding DBS Bank’s retrenchment exercise has allowed both its union and the bank to further strengthen their relationship, NTUC felt. Said deputy secretary general Mr Heng Chee How: “If a company starts taking unannounced unilateral action, it frightens everybody and upsets the system.
“Tripartism here recognises reality quickly and it is responsive and also responsible. So let’s put our heads together and do the most sensible thing, and take care of the side effects and the displacements
- Channel News Asia
Dec 9, 2008
Bleak outlook for jobs as half of 600 employers surveyed may cut staff in Jan-March
JOB prospects will take a sharp dive in the next three months, going by a survey which shows that more employers plan to reduce their 'headcount'.
Almost half of more than 600 bosses polled recently intend to do so in the first three months of next year - up from the 10 per cent who said they would reduce staff between October and December this year.
They will cut jobs by not replacing staff who leave, by freezing hiring plans and via retrenchments.
This grim picture, the result of a beleaguered job market following the financial crisis, emerged in an employment outlook survey by global human resource consultancy Manpower Inc.
It polled 629 employers here, asking them if they planned to add or shed staff between January and March next year.
Only 8per cent said they intended to recruit, while 46per cent expected to cut jobs. The rest had no plans to hire or fire, or had not made up their minds.
This means the net employment outlook - the percentage of employers looking to hire, minus those expecting a decrease in employment - is -38per cent for January to March next year.
It is a sharp 54 percentage point fall from the October to December quarter, and indicates a severe lack of vacancies.
This is the bleakest showing since Manpower Inc started this survey in Singapore in the third quarter of 2004.
In fact, Singapore's net employment outlook is the most pessimistic among 33 countries. Some 71,000 employers were polled for its quarterly global survey.
Others with the weakest employment outlooks are Ireland (-14per cent), Spain (-13per cent) and Italy (-11per cent).
Among the eight Asia-Pacific countries, only two others had negative employment outlooks: Taiwan (-6per cent) and Japan (-3per cent).
The dismal job market is due to Singapore's open economy, which is more affected by the global financial crisis, said Manpower's country manager Philippe Capsie. 'As realisation of the credit crisis begins to hit companies, employers' hiring confidence is likewise affected.'
The hiring slowdown comes after Singapore slipped into a technical recession in the third quarter this year, after two consecutive quarters of negative growth.
As profit margins fell, local employers such as DBS and Neptune Orient Lines responded by retrenching workers.
To stem the surge in layoffs and keep workers employable, the Government re-issued guidelines urging employers to lay off workers as a last resort. It also launched a $600million training scheme that gives employers more funds to retrain, rather than retrench, workers.
Mr Capsie believes mass retrenchments will not be a long-term trend here.
'We expect more companies to slow down their hiring, freeze their headcounts or eventually adopt wage cuts until the economy stabilises,' he said.
Its survey of bosses across seven sectors found that those in finance, insurance and real estate were the least bullish about hiring. They had a net employment outlook of -46per cent. This was followed by services (-45per cent), and the wholesale and retail trade (-43per cent).
Commenting on the findings, Mr Koh Juan Kiat, executive director of the Singapore National Employers Federation (SNEF), said it presented a realistic picture of the gloomy job market.
'Employers are more cautious when it comes to hiring now. Some are not renewing employment contracts, are not replacing workers who leave and are redistributing work to existing staff.'
The SNEF's survey of 91 companies last month showed that 44per cent plan to freeze hiring, up from 37.2per cent in October. Those intending to reduce headcount also went up, from 5.9per cent to 9.9per cent.
It could get worse in the coming months, with more opting to freeze hiring due to uncertain business prospects, said Mr Koh.
But the SNEF survey offered some hope to job seekers as 46.2per cent of employers still plan to hire workers - although this is a dip from 56.9per cent in October.
- The Straits Times
Almost half of more than 600 bosses polled recently intend to do so in the first three months of next year - up from the 10 per cent who said they would reduce staff between October and December this year.
They will cut jobs by not replacing staff who leave, by freezing hiring plans and via retrenchments.
This grim picture, the result of a beleaguered job market following the financial crisis, emerged in an employment outlook survey by global human resource consultancy Manpower Inc.
It polled 629 employers here, asking them if they planned to add or shed staff between January and March next year.
Only 8per cent said they intended to recruit, while 46per cent expected to cut jobs. The rest had no plans to hire or fire, or had not made up their minds.
This means the net employment outlook - the percentage of employers looking to hire, minus those expecting a decrease in employment - is -38per cent for January to March next year.
It is a sharp 54 percentage point fall from the October to December quarter, and indicates a severe lack of vacancies.
This is the bleakest showing since Manpower Inc started this survey in Singapore in the third quarter of 2004.
In fact, Singapore's net employment outlook is the most pessimistic among 33 countries. Some 71,000 employers were polled for its quarterly global survey.
Others with the weakest employment outlooks are Ireland (-14per cent), Spain (-13per cent) and Italy (-11per cent).
Among the eight Asia-Pacific countries, only two others had negative employment outlooks: Taiwan (-6per cent) and Japan (-3per cent).
The dismal job market is due to Singapore's open economy, which is more affected by the global financial crisis, said Manpower's country manager Philippe Capsie. 'As realisation of the credit crisis begins to hit companies, employers' hiring confidence is likewise affected.'
The hiring slowdown comes after Singapore slipped into a technical recession in the third quarter this year, after two consecutive quarters of negative growth.
As profit margins fell, local employers such as DBS and Neptune Orient Lines responded by retrenching workers.
To stem the surge in layoffs and keep workers employable, the Government re-issued guidelines urging employers to lay off workers as a last resort. It also launched a $600million training scheme that gives employers more funds to retrain, rather than retrench, workers.
Mr Capsie believes mass retrenchments will not be a long-term trend here.
'We expect more companies to slow down their hiring, freeze their headcounts or eventually adopt wage cuts until the economy stabilises,' he said.
Its survey of bosses across seven sectors found that those in finance, insurance and real estate were the least bullish about hiring. They had a net employment outlook of -46per cent. This was followed by services (-45per cent), and the wholesale and retail trade (-43per cent).
Commenting on the findings, Mr Koh Juan Kiat, executive director of the Singapore National Employers Federation (SNEF), said it presented a realistic picture of the gloomy job market.
'Employers are more cautious when it comes to hiring now. Some are not renewing employment contracts, are not replacing workers who leave and are redistributing work to existing staff.'
The SNEF's survey of 91 companies last month showed that 44per cent plan to freeze hiring, up from 37.2per cent in October. Those intending to reduce headcount also went up, from 5.9per cent to 9.9per cent.
It could get worse in the coming months, with more opting to freeze hiring due to uncertain business prospects, said Mr Koh.
But the SNEF survey offered some hope to job seekers as 46.2per cent of employers still plan to hire workers - although this is a dip from 56.9per cent in October.
- The Straits Times
Nov 16, 2008
Fellow retrenchees, welcome to Between Jobs Hell
I LAUGHED.
That was my reaction when I was first told that I was being retrenched.
I laughed out of relief because after weeks of speculation among my colleagues in my troubled company, the uncertainty was finally over. It was almost anti-climatic.
This was back in November 2001, two months after 9/11. But even before that, the economy was already reeling from the dotcom bust, and it would get worse with the subsequent Iraq war and Sars.
My company laid off 73 employees, nowhere near the 900 that DBS started retrenching last Thursday. With Singapore now in a recession, more such retrenchments are likely to follow.
I laughed when I was retrenched because I was amused by how my boss managed to retrench me without using the words “retrench”, “downsize” or even “rightsize”.
With an HR woman sitting beside him to make it official, he said: “As you are aware, the company is going through a restructuring exercise and unfortunately, you are one of those affected.”
That was it.
If I wasn’t expecting to be retrenched, I might not have realised I was being retrenched.
Fortunately, the word “unfortunately” gave me a clue that something bad was happening to me.
I laughed because I was in denial and possibly oblivious to the direness of my situation.
A month later in December 2001, Singapore’s unemployment rate of 4.7 per cent was the highest in 15 years. I had become a statistic.
According to the latest Ministry of Manpower figures, the unemployment rate for September 2008 was around 2 per cent. Let’s watch how much this number goes up in the coming months.
To keep myself busy during those long months of unemployment, I created a website to consolidate the links I found useful for my online job search.
I called it BetweenJobsHell.com.
To my surprise, other retrenchees started writing in to the site to share their stories and commiserate.
I learned that the biggest enemy of the retrenched was not that we couldn’t find a job, but the sense of helplessness and hopelessness that threatened to keep us from trying.
There was a need for some sort of support group for the retrenched that provided not just job-seeking advice, but also genuine empathy and moral support.
Sadly, for many at the time, BetweenJobsHell.com was it. I have since shut down the website because, well, I found a job.
But with the way things are going, who knows? BetweenJobsHell.com may be back.
I laughed when I was retrenched to keep from crying, which was what a few of my colleagues did when they received the news.
To them, being retrenched was no laughing matter.
- The New Paper
That was my reaction when I was first told that I was being retrenched.
I laughed out of relief because after weeks of speculation among my colleagues in my troubled company, the uncertainty was finally over. It was almost anti-climatic.
This was back in November 2001, two months after 9/11. But even before that, the economy was already reeling from the dotcom bust, and it would get worse with the subsequent Iraq war and Sars.
My company laid off 73 employees, nowhere near the 900 that DBS started retrenching last Thursday. With Singapore now in a recession, more such retrenchments are likely to follow.
I laughed when I was retrenched because I was amused by how my boss managed to retrench me without using the words “retrench”, “downsize” or even “rightsize”.
With an HR woman sitting beside him to make it official, he said: “As you are aware, the company is going through a restructuring exercise and unfortunately, you are one of those affected.”
That was it.
If I wasn’t expecting to be retrenched, I might not have realised I was being retrenched.
Fortunately, the word “unfortunately” gave me a clue that something bad was happening to me.
I laughed because I was in denial and possibly oblivious to the direness of my situation.
A month later in December 2001, Singapore’s unemployment rate of 4.7 per cent was the highest in 15 years. I had become a statistic.
According to the latest Ministry of Manpower figures, the unemployment rate for September 2008 was around 2 per cent. Let’s watch how much this number goes up in the coming months.
To keep myself busy during those long months of unemployment, I created a website to consolidate the links I found useful for my online job search.
I called it BetweenJobsHell.com.
To my surprise, other retrenchees started writing in to the site to share their stories and commiserate.
I learned that the biggest enemy of the retrenched was not that we couldn’t find a job, but the sense of helplessness and hopelessness that threatened to keep us from trying.
There was a need for some sort of support group for the retrenched that provided not just job-seeking advice, but also genuine empathy and moral support.
Sadly, for many at the time, BetweenJobsHell.com was it. I have since shut down the website because, well, I found a job.
But with the way things are going, who knows? BetweenJobsHell.com may be back.
I laughed when I was retrenched to keep from crying, which was what a few of my colleagues did when they received the news.
To them, being retrenched was no laughing matter.
- The New Paper
Nov 14, 2008
Job security major concern of Singaporeans
THE global economic crisis and DBS Bank’s retrenchment of 900 workers have left sales executive Long Foo Chye fretting over job security.
The 44-year-old, who was at a public dialogue yesterday, said:“The Government has been saying to companies, ‘Don’t retrench, retrain instead.’ Yet DBS, a very competitive private company which no one can say doesn’t represent Singapore, is laying off its staff.”
Retiree Letchimi Doraisamy, 62, in sharing her sentiments, expressed worries that other companies will follow in DBS’ footsteps. And she feared that they may even retrench older workers, thus negating the
Government’s efforts to encourage the hiring of elderly people like herself. Their concern about job security was one of three issues that dominated a two-hour dialogue organised by the Ministry of Finance (MOF) and Reach, the Government’s feedback arm, to gather responses and suggestions for Budget 2009 due in February.
The other issues are the rising cost of living and doing business here.
Senior Parliamentary Secretary Amy Khor, Reach chairman, and Mr Ng Wai Choong, MOF’s deputy secretary (policy), moderated the meeting with about 50 people, mainly professionals, businessmen and retirees.
Responding to Mr Long and Madam Letchimi, Dr Khor pointed out that DBS is a commercial entity and that slightly over half of the 900 retrenched are from Singapore, with the rest being employees in Hong Kong.
On easing the cost of living, many suggested cutting the 7 per cent Goods and Services Tax, or giving rebates and direct financial aid to the lower-income groups.
Some also wanted the Government to stimulate the economy by bringing back some public-sector projects that were deferred last year.
To lower business costs, some asked the Government to lower corporate taxes, rent and electricity tariffs.
Mr Colin Goh, 47, who is in accounting, said: “Many SMEs are facing cashflow problems. It’s difficult to get credit. Perhaps the Government can consider giving SMEs a temporary reprieve on costs like rental or power bills.”
Later, Dr Khor told The Straits Times the mood this year was more sombre. “In
the past, the participants required a lot of prodding to get them to ask questions or give their views. This time, many came prepared to give their suggestions.”
There were also some out-of-the box ideas. Mr Malaiya Maran, 45, a managing consultant, said the Government should introduce measures in the Budget to grow the film industry.
“Now that we have Gong Li in our midst, this industry can perhaps take on a new light,” he said, referring to the Chinese actress, 42, becoming a Singapore citizen last Saturday.
Last night’s session was the second of five pre-Budget dialogue sessions to be held during the ongoing public consultation that will end in January.
The first was a closed-door session with 30 business leaders.
Hints on the Budget have been given lately by various ministers, including Finance Minister Tharman Shanmugaratnam. He told businessmen that companies will get help with their costs and cash flow to stay “strong and competitive”, while households hit by job losses will receive support.
He also said that as the downturn is unlikely to be short-lived, the Government’s Budget initiatives will aim at providing help over a few years, rather than providing “a quick stimulus” to the economy.
- The Straits Times
The 44-year-old, who was at a public dialogue yesterday, said:“The Government has been saying to companies, ‘Don’t retrench, retrain instead.’ Yet DBS, a very competitive private company which no one can say doesn’t represent Singapore, is laying off its staff.”
Retiree Letchimi Doraisamy, 62, in sharing her sentiments, expressed worries that other companies will follow in DBS’ footsteps. And she feared that they may even retrench older workers, thus negating the
Government’s efforts to encourage the hiring of elderly people like herself. Their concern about job security was one of three issues that dominated a two-hour dialogue organised by the Ministry of Finance (MOF) and Reach, the Government’s feedback arm, to gather responses and suggestions for Budget 2009 due in February.
The other issues are the rising cost of living and doing business here.
Senior Parliamentary Secretary Amy Khor, Reach chairman, and Mr Ng Wai Choong, MOF’s deputy secretary (policy), moderated the meeting with about 50 people, mainly professionals, businessmen and retirees.
Responding to Mr Long and Madam Letchimi, Dr Khor pointed out that DBS is a commercial entity and that slightly over half of the 900 retrenched are from Singapore, with the rest being employees in Hong Kong.
On easing the cost of living, many suggested cutting the 7 per cent Goods and Services Tax, or giving rebates and direct financial aid to the lower-income groups.
Some also wanted the Government to stimulate the economy by bringing back some public-sector projects that were deferred last year.
To lower business costs, some asked the Government to lower corporate taxes, rent and electricity tariffs.
Mr Colin Goh, 47, who is in accounting, said: “Many SMEs are facing cashflow problems. It’s difficult to get credit. Perhaps the Government can consider giving SMEs a temporary reprieve on costs like rental or power bills.”
Later, Dr Khor told The Straits Times the mood this year was more sombre. “In
the past, the participants required a lot of prodding to get them to ask questions or give their views. This time, many came prepared to give their suggestions.”
There were also some out-of-the box ideas. Mr Malaiya Maran, 45, a managing consultant, said the Government should introduce measures in the Budget to grow the film industry.
“Now that we have Gong Li in our midst, this industry can perhaps take on a new light,” he said, referring to the Chinese actress, 42, becoming a Singapore citizen last Saturday.
Last night’s session was the second of five pre-Budget dialogue sessions to be held during the ongoing public consultation that will end in January.
The first was a closed-door session with 30 business leaders.
Hints on the Budget have been given lately by various ministers, including Finance Minister Tharman Shanmugaratnam. He told businessmen that companies will get help with their costs and cash flow to stay “strong and competitive”, while households hit by job losses will receive support.
He also said that as the downturn is unlikely to be short-lived, the Government’s Budget initiatives will aim at providing help over a few years, rather than providing “a quick stimulus” to the economy.
- The Straits Times
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