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