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
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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