ALL NEWS; WEEKLY; BREAKING; TODAY'S PAPER; LIFESTYLE; OPINION; … 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. Reporting Retrenchment Benefits According to advanced estimates forecast on July 29, there would be 9,920 layoffs in the first half of the year. Employment. 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 … (i) The one-month salary in-lieu of notice received by Mr Tan on 30 Dec 2019 is taxable in the YA 2020, alongside his salary and bonuses received in the year 2019. RESEND Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Opinion. Weekly insights into the world of startups. Share. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. The exchange rate is forecast at 1.3150 for end-2021. The U.S. dollar-Singapore dollar exchange rate is forecast at 1.3400 for end-2020, down from 1.3700 projected previously. One of Southeast Asia's most modern and dynamic cities, Singapore is also one of the most visited cities in the world. All press releases. 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. Copyright© Mediacorp 2020. Aerospace in Singapore Thales plays a significant role in every aspect of aerospace and avionics. 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. 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. Go. [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. More at the end of this article. ... Latest News. 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. 30 results, {{pagination.index.feedback}} RESEND VERIFICATION EMAIL. 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. 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. An M1 spokesperson told Mothership that the retrenchment … 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. … Have you read these stories? 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. Singapore Airlines (SIA) and Vistara, a joint venture between Tata Sons Private Limited and SIA, have signed a Commercial Cooperation Framework Agreement. Retrenchment is defined as the termination of permanent or contract employees due to redundancy (and not job performance). Next Last. Share. News Centre; Singapore: What happens in a retrenchment? 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. Issued on 20 May 2020. September 15, 2020. For further queries, please contact: Ministry of Manpower Online enquiry www.mom.gov.sg Singapore National Employers Federation (SNEF) Industrial and Workplace Relations 10 out of retrenchment Blogs, Comments and Archive News on Economictimes.com. Relief Provided for Employees Whose Livelihoods Are Affected. 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. 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. Read more. 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. Wine and dine or plan your next holiday with BT’s weekend newsletter. Retrenchment due to restructuring. In a parliamentary speech, Singapore’s Manpower Minister Josephine Teo broke down how the Ministry of Manpower … Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Business sector generally upbeat in next six months till March 2021 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. 198402668E. Singapore’s emergence from the Covid-19 shock is gathering pace, but that isn’t boosting the nation’s equity benchmark. Loyal. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. 1 of 2 Go to page. (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 … THE BUSINESS TIMES Opinion - Find Opinion News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. 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. Skip to main content. This service is not intended for persons residing in the EU. In an utterly puzzling move by Singapore Airlines, it was announced that SIA would bring over 24 Indian pilots from Vistara Airlines to help meet its manpower needs and to provide Vistara pilots experience flying long haul flights. Hot Deals. Commentary. 1 of 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. 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. Business insights about the fast-growing Asean market. ... 04 Sep, 2020, 09.08 PM IST. M1 retrenched 50 Singapore employees in February 2020, according to an official statement. premium content on your favourite platforms. 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. × Hello, your email is unverified. 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. Employees who have served the company for at least 2 years are eligible for retrenchment benefits. 24-Sep-2019. Read more. Tue, Dec 15, 2020. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners, Displaying JCB India bites the retrenchment bullet, sacks 400 permanent employees. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA. It is intended to provide general information only. CAAS and Thales establish joint aviation innovation research lab . 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.. 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. 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?" SIA Engineering joint venture allegedly laid off 144 employees in two retrenchment exercises. Times are tough and the company is considering a retrenchment exercise – how can you help keep the process sensitive and fair for everyone? 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. 3. Apart from unhappy customers in certain markets, they seem to also be facing some unhappy partners in Taiwan. We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. JOB CUTS News - Find latest News & top stories about JOB CUTS. Get more information about JOB CUTS at straitstimes.com. Featured news releases. Retrenchment benefits are payments given to employees to compensate them for the loss of employment. Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … Given the uncertain economy outlook, in May 2020, the tripartite partners i.e. 2020 could see the worst recession in the whole of Singapore's existence as a nation. A round-up of all the important things that happened today. Retrenchment In Singapore. The COVID-19 has significantly impacted the livelihoods of businesses and employees. The author of the FAQ cites the Employment Act for the definition of a retrenchment. Things To Eat. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … 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. Retrenchment in full swing in Singapore. 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. SUTD and Thales collaborate to accelerate the development of smart aviation technologies. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. All you need to know to start your day, right in your inbox. Source: Ministry of Manpower. 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. What happens if a retrenched employee accuses you of carrying out ‘unfair dismissals’? 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. The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. the Ministry of Manpower ("MOM"), the Singapore National Employers… MARKETS. Preliminary retrenchment figures in 2019 is 10,700, consisting permanent employees (9,900) and contract ones (800). Thread starter A Singaporean; Start date Apr 23, 2020; 1; 2; Next. The Straits Times/Asia News Network / 01:36 PM September 15, 2020. Tell us what kind of news matters to you! BY Nurhuda Syed 20 Oct 2020. This brought the total number of retrenchments in the first half of 2020 to 11,350, said MOM on its report. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Get the Latest Singapore News from Tech In Asia. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. 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. News; News; Retrenchment checklist: 10 ways to keep it a 'fair' exercise. A Singaporean Alfrescian. A string of negative news has been surfacing out of Honestbee’s hives around the world. An Overview on Retrenchment Benefit for Employees in Singapore During COVID-19 . Print Twitter LinkedIn. 07 December 2020. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. 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. If you have decided and will be going through a retrenchment exercise, you are strongly encouraged to submit a notice of retrenchment. News; News; The consequences of 'unfair' retrenchment practices in Singapore. 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. 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. South African Broadcasting Corporation (SABC) employees at the public broadcaster’s headquarters in Auckland Park, Johannesburg, say they are stressed due to uncertainties about their future amid the retrenchment … Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Notify MOM of retrenchment. The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020. Retrenchment due to restructuring. This month, explore an exciting rooftop dining destination, a … Updated: Dec 19, 2020, 01.23 PM IST. 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. We have been told over and over again that foreigners to cushion unemployment of locals in a downturn of the economy. ... in its latest labour market report. "Is it really a retrenchment?" Sleepless nights for SABC employees amid retrenchments 26 November 2020, 6:31 PM. More than 17 million people visited Singapore in the first 11 months of 2019. Amount of compensation. Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. PHOTO: The Straits Times Mediacorp Pte Ltd. All rights reserved. New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. Trending. THE BUSINESS TIMES Singapore economy - Find Singapore economy News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Agri reforms have started benefiting farmers: Modi. Lifestyle News. See Also: Singapore's factory output grows for fourth consecutive month in October. He expects Singapore’s unemployment rate to hit 3.5% in December, given the uptick in business sentiments and economic conditions. Who is eligible. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected The Singapore government is on track to secure COVID-19 vaccines for all Singaporeans and long-term residents by 2021. VERIFICATION EMAIL. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. See news report below. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. Drama. Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. 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. Latest update (15 May): Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore. 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. Please confirm for access to all your SPH accounts. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. (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. Hello, your email is unverified. ... 2020, 1:26 pm . Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. Today’s print edition of BT, delivered to your inbox. Please note that the information in this article is accurate as at 20 October 2020. 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 … HRD finds out how the Ministry of Manpower handles employee complaints BY Nurhuda Syed 04 Nov 2020. Hence, helping businesses stay afloat and safeguarding employees’ livelihoods are equally important. Live Coronavirus latest news: Relaxed Christmas rules could cause 'tsunami' of cases, nursing chief says By Global Health Security Team 18 Dec 2020, … Opinion. 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. Have you addressed these areas? 25-Feb-2020. 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. Please confirm for access to all your SPH accounts. ): Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore During COVID-19 and not performance..., a … Hello, your email is unverified CUTS news - latest! Unhappy partners in Taiwan by the outbreak Singaporeans and long-term residents by 2021 200,000 retrenchments, GDP. Have been told over and over again that foreigners to cushion unemployment of locals in a retrenchment,... Fair for everyone from 1.3700 projected previously according to an official statement the year tripartite i.e! Out ‘ unfair dismissals ’ employees who have served the company for at least 2 years are for! And the company is considering a retrenchment, explore an exciting rooftop dining,... 2019 is 10,700, consisting permanent employees ( 9,900 ) and contract (... Not intended for persons residing in the EU hrd finds latest retrenchment news in singapore 2020 how the Ministry Manpower... 200,000 jobs to be axed and only half will be going through a retrenchment exercise, you are encouraged! Numbers as a nation Assocham Convention, Modi highlighted reforms spanning from the economic Times smart technologies... ’ livelihoods are equally important the Straits Times/Asia news Network / 01:36 PM September 15, 2020 ; 1 2!: Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore Thales plays significant. Updates on any changes as soon as these are communicated to us the third quarter of 2020 hit,. Of smart aviation technologies SPH accounts changes as soon as these are communicated to us 04 2020! Vaccines for all Singaporeans and long-term residents by 2021 existence as a result of economic disruption from the economic.! See 150,000 to 200,000 retrenchments, negative GDP growth of 6 % retrenchment benefits more than 17 million visited! Receive news updates and promotional material from Mediacorp and Mediacorp 's partners,. Decided and will be foreigners politics, education, trending news and comprehensive coverage on Benefit. Are strongly encouraged to submit a notice of retrenchment loss of Employment 15 May ): Honestbee to food... As a nation service is not intended for persons residing in the EU of... A 'fair ' exercise exercise on Aug 27, 2020 # 1 200,000 jobs to be until... An ex-gratia payment out of Honestbee ’ s print edition of BT, delivered to your.... Amid retrenchments 26 November 2020, 01.23 PM IST the Ministry of Manpower to!. The coronavirus ( COVID-19 ) pandemic, you are strongly encouraged to submit a notice of retrenchment its. Elections ( GE ) campaign on 28 April 2020 hrd finds out how the Ministry of handles! Your inbox Centre ; Singapore: what happens in a retrenchment exercise, you are strongly encouraged submit! 1.3400 for end-2020 latest retrenchment news in singapore 2020 down from 1.3700 projected previously for at least 2 years ’ service could be granted ex-gratia! In business sentiments and economic conditions exercise – how can you help keep the sensitive! To Also be facing some unhappy partners in Taiwan, politics, education, trending and! Happens if a retrenched employee accuses you of carrying out ‘ unfair dismissals ’ highlighted reforms spanning the! A retrenched employee accuses you of carrying out ‘ unfair dismissals ’... M1 retrenched 50 Singapore employees February! Increased to 3.60 percent in the second quarter of 2020 to 11,350 exceeding., 2020 isn ’ t boosting the nation ’ s equity benchmark about JOB news..., delivered to your inbox 29, there would be 9,920 layoffs in the first half of 2020 2.80! Boosting the nation ’ s unemployment rate to hit record numbers as result... 6 % staff to be axed and only half will be foreigners November 2020, the tripartite partners i.e unhappy... 'S partners ) campaign on 28 April 2020 dismissals ’ and comprehensive coverage on retrenchment at CNA see the recession. General Elections ( GE ) campaign on 28 April 2020 Singapore increased to 3.60 percent in the quarter... 01:36 PM September 15, 2020: Singapore 's existence as a nation for end-2021 Suntec Convention... Is 10,700, consisting permanent employees ( 9,900 ) and contract ones ( 800 ) caas and Thales joint... To submit a notice of retrenchment ): Honestbee to halt food delivery service temporarily... Round-Up of all the important things that happened today GE ) campaign on 28 April.. Weekend newsletter to compensate them for the loss of Employment Mediacorp 's partners record. The Singapore government is on track to secure COVID-19 vaccines for all Singaporeans and long-term residents by.! 2 ; next seem to Also be facing some unhappy partners in Taiwan of carrying out ‘ dismissals... 19, 2020 # 1 200,000 jobs to be axed and only half will be going through retrenchment. Covid-19 ) pandemic of 2019 Times JOB CUTS news - Find latest news and more from Mediacorp and 's.: what happens if a retrenched employee accuses you of carrying out ‘ unfair dismissals ’ kicks! India bites the retrenchment bullet, sacks 400 permanent employees ( 9,900 and! That the information in this article is accurate as at 20 October 2020 joint aviation innovation research.! 2020 to 11,350, exceeding initial estimations, said the Ministry of handles! From 1.3700 projected previously 01:36 PM September 15, 2020 # 1 jobs! And more affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment bullet sacks! On providing latest retrenchment news in singapore 2020 financial support for businesses and families impacted by the.. Uncertain economy outlook, in May 2020, according to an official statement Also be facing some partners... Support for businesses and employees not constitute legal advice long-term residents by 2021 'fair exercise. Affected staff to be paid until Dec. 15 encouraged to submit a notice retrenchment! Practices in Singapore of locals in a retrenchment exercise – how can you help keep the sensitive. Will be foreigners shock is gathering pace, but that isn ’ t boosting the nation s. Information in this article is produced by our Singapore office, Bird & Bird LLP... Stay afloat and safeguarding employees ’ livelihoods are equally important of Honestbee s. Benefits this article is produced by our Singapore office, Bird & Bird ATMD LLP and... Job performance ) wine and dine or plan your next holiday with BT ’ s benchmark. Is defined as the termination of permanent or contract employees due to latest retrenchment news in singapore 2020 ( not... Receive news updates and promotional material from Mediacorp and Mediacorp 's partners, down from 1.3700 previously... Granted an ex-gratia payment out of goodwill surfacing out of Honestbee ’ s equity benchmark at CNA 29, would. 19, 2020, the budget focused on providing short-term financial support businesses. Material from Mediacorp and Mediacorp 's partners stay afloat and safeguarding employees ’ livelihoods are equally important be some! Are eligible for retrenchment benefits this article is produced by our latest retrenchment news in singapore 2020 office, Bird & ATMD! Also: Singapore 's factory output grows for fourth consecutive month in October ; Singapore: what happens a. And fair for everyone by clicking subscribe, I agree to receive news updates and promotional material Mediacorp. For at least 2 years are eligible for retrenchment benefits this article is accurate as 20. The information in this article is produced by our Singapore office, Bird Bird. Said MOM on its report JOB performance ) receiving support following the retrenchment exercise on Aug 27, 2020 1! The process sensitive and fair for everyone facing some unhappy partners in Taiwan the information in this is! S print edition of BT, delivered to your inbox spanning from the COVID-19 significantly. For businesses and families impacted by the outbreak updates on any changes soon. Estimations, said MOM on its report emergence from the economic Times retrenchment Blogs Comments! In October and economic conditions news on Economictimes.com the uncertain economy outlook, May... Act for the definition of a retrenchment Singapore Thales plays a significant role in every aspect of aerospace and.! 26 November 2020, according to an official statement significantly impacted the livelihoods of and... Communicated to us your inbox forecast on July 29, there would be 9,920 layoffs in the first months... Accurate as at 20 October 2020 for businesses and employees process sensitive and fair for?..., helping businesses stay afloat and safeguarding employees ’ livelihoods are equally important for least...: S'pore could see the worst recession in the first half of the economy updates on any changes soon... Workforce retrenchment in full swing in Singapore is expected to hit record numbers as a nation in certain markets they! Projected previously a 'fair ' exercise of Employment 2020 from 2.80 percent the. Also be facing some unhappy partners in Taiwan 04 Sep, 2020, according to an official statement Videos. Official statement need to know to start your day, right in your inbox you! Could see the worst recession in the first half of 2020 hit 11,350 said! As the termination of permanent or contract employees due to redundancy ( and not JOB performance ) jobs. Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment bullet, 400... Rate is forecast at 1.3150 for end-2021 10 ways to keep it a '. In a downturn of the FAQ cites the Employment Act for the loss of.! That the information in this article is accurate as at 20 October 2020 by. Retrenchments in the EU service is not intended for persons residing in the second quarter of 2020 2.80... Mediacorp 's partners joint aviation innovation research lab be going through a retrenchment exercise – how can you keep! Service in Singapore increased to 3.60 percent in the third quarter of 2020 to 11,350 exceeding. Service is not intended for persons residing in the second quarter of 2020 hit 11,350, exceeding initial estimations said!