singapore retrenchment news 2020

   Mining and Minerals premium content on your favourite platforms, Keppel contributes to uplifting rural communities in Yunnan, BN Group global marketing head denies hacking Novu Aesthetics' Instagram account, Miyoshi gets qualified opinion from auditors on FY2020 financial statements, PM Lee to address nation on Singapore's Covid-19 situation at 5pm on Monday, UOL sells about 70% of Clavon's 640 units at average price of S$1,640 psf, Oil rises from the ashes as the big coronavirus recovery trade, Malaysia's Top Glove fired whistleblower before virus outbreak, Yet another twist in Singapore's Loh cousins saga. It is intended to provide general information only. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020.    Transactional IP    Devices and Components    Competition & Regulatory Investigations    Glossary of terms used in relation to Brexit This is in line with the Ministry of Manpower’s recent retrenchment advisory. Bird & Bird Plus Middle East    Hotels, Hospitality & Leisure    Food & Beverage Regulatory Influencer Marketing Automotive 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. Covid-19. Public Projects and Procurement HDT Singapore Shuts Electric-Taxi Business Due To Covid-19 Impact. Practice Area OTT    Trade Secrets IN THE first half of 2020, 5,280 Singaporeans were retrenched, said Manpower Minister Josephine Teo in Parliament on Friday, during a sitting which saw multiple Members of Parliament raising concerns about employment issues and fair consideration. The MOM has restated that retrenchment should always be considered as a last resort when managing manpower costs. Defence & Security Netherlands Japan Tell us what kind of news matters to you! Spain    White Collar Crime Investigations Payment Services Energy & Utilities Digital Services Tax Go, Francine Cunningham @frcunningham speaks to @Telegraph about The Digital Services Act and how the rules would see t… https://t.co/1iG9lCLdFO, Podcast launch: Our Digital Rights & Assets group review the EU’s draft Data Governance Act and discuss its politic… https://t.co/W5xIA5v5iP, Singapore: Updates on retrenchment benefits during COVID-19. At Phase One, most manufacturing companies can resume full production, subject to the issued guidelines set for the manufacturing sector. RESEND France Check out top news from Singapore and around the world. Retrenchment doubled in Singapore in the last three months The number of employees placed on shorter work weeks or temporary layoffs rose to an unprecedented high of 81,720 in the second quarter, as firms battled fallout from the Covid-19 pandemic. Digital Rights & Assets Hungary The Unitary Patent and the Unified Patent Court Businesses also need to push for higher productivity in the face of slower manpower growth and keen external competition. Autonomous Driving United States    Private Equity 198402668E. Geo-Blocking General Data Protection Regulation SIA had announced that it would slash about 20 per cent of its headcount - about 4,300 positions - amid the COVID-19 … Singapore News -It is likely a matter of time before Marina Bay Sands (MBS) will have to let go of some of its staff due to the fallout from the Covid-19 pandemic, said analysts, following a Central and Eastern Europe    Employee Incentives and Benefits Esports Although the Advisory is not legally binding on employers, it outlines progressive workplace practices that employers should adopt.    Satellite and Space activities    Brands Subscribe to t.me/BizTimes.    Venture Capital Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. This involves taking into account the following non-exhaustive factors when conducting a retrenchment exer… For unionised employers who are experiencing severe financial difficulties, they are encouraged to negotiate with their unions for a mutually accepted retrenchment package.    Transfer Pricing    Marketing Employers who are in a sound financial position should continue to pay retrenchment benefits in accordance with their existing employment contracts, collective agreements, memoranda of understanding, or the prevailing norm for retrenchment benefit (between 2 weeks and 1 month salary per year of service for employees with 2 years' of service or more),  in accordance to the Tripartite Advisory.    Employment Australia The Ethical Workplace & The Law In Practice Experts said the retrenchment was not surprising, given that tourism has stopped in Singapore due to travel restrictions aimed at curbing the spread of Covid-19.    Patents Please note that the information in this article is accurate as at 20 May 2020.    Energy Management Startup; Digital News . Asia-Pacific The tripartite partners, including the Ministry of Manpower (MOM), acknowledged that some employers have started to implement cost-saving measures to tide over the uncertain economy. Western Europe    Aircraft Finance Navigating Hong Kong's Competition Law "Is it really a retrenchment?"    EU Trade Defence With the Covid-19 pandemic and the change in work arrangements, 2020 has been a tough year for taxi companies in Singapore.. Retrenchment due to restructuring. GE2020. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected Meanwhile, Singapore’s seasonally-adjusted unemployment rate edged up to 3.6% in September, deteriorating from the 3.4% registered in August. ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. The Internet of Things Most offices can also re-open, but with tele-commuting adopted to the maximum extent. Tech Transactions India    GDPR The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020. Product compliance and liability Italy Follow the latest news on retrenchment at TODAYonline. Switzerland and Austria A summary of the updates is as follows: Maintaining a Singaporean core Retail and Consumer Chart: Retrenchment - Draw your own insights into Singapore’s labour market by exploring official data through interactive charts. Technology & Communications    EU & UK Representative Services The author of the FAQ cites the Employment Act for the definition of a retrenchment.    Construction and engineering    Social    Publishing Transform. Medical Devices 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. 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. Outsourcing Hello, your email is unverified. The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff.    Sport    Food & Beverage In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner.    Copyright & related rights Infrastructure    Energy Digitalisation Recognizing that retrenchments may now be inevitable for businesses continuing to be negatively affected by COVID-19, the Ministry of Manpower (MOM), the National Trades Union Congress (NTUC) and the Singapore National Employers Federation (SNEF) (collectively, the Tripartite Partners) have … Life Sciences and Healthcare Regulatory and Administrative 5G Lifestyle News.    Unmanned Aircraft Systems    Rail    Tax Disputes Israel Cloud Computing    Airlines International HR Services You can search by keyword, sector or practice area and then optionally filter by a location, Keywords Singapore    Trade Regulatory Australia's Notifiable Data Breach Scheme Reports of Trade Mark Cases for CIPA Journal The EU Trade Mark Reform - The biggest change to trade mark law for 20 years Privacy and Data Protection IN THE first half of 2020, 5,280 Singaporeans were retrenched, said Manpower Minister Josephine Teo in Parliament on Friday, during a sitting which saw multiple Members of Parliament raising concerns about employment issues and fair consideration.    Commercial Aerospace Dispute Resolution    Healthcare ASEAN KEPPEL Corporation launched a new two-year programme under its partnership with the China Foundation for Poverty... NEREIDES Antonio Giamundo de Bourbon, the global marketing head of Bellagraph Nova Group (BN Group), has said that... MIYOSHI'S independent auditors BDO have issued a qualified opinion on the group's financial statements for the year... [SINGAPORE] PRIME Minister Lee Hsien Loong will be addressing the nation at 5pm on Monday to give an update on the... UOL Group said on Sunday afternoon that the first weekend launch of the Clavon condominium along Clementi Avenue 1... By signing up, you agree to our Privacy Policy and Terms and Conditions. 2020 could see the worst recession in the whole of Singapore's existence as a nation. United Arab Emirates Here are tips to help you better interact with the statistics    Procurement Challenges 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.    Postal Poland Competition & EU Law In Your Corner    Indirect Tax, Trade and Customs Please confirm for access to all your SPH accounts. Mobile Health Regulatory & Public Affairs    Consumer Law Copyright Directive News. Finland    Mergers & Acquisitions Belgium Southeast Europe and Turkey The impact caused by the coronavirus proved to be too much for electric-taxi company HDT, who announced that they will soon be exiting the taxi business in Singapore. The Ministry of Manpower ("MOM") has also issued further guidance on the Safe Management Measures to be adopted at the workplace as updated on 19 May 2020. SINGAPORE: Singapore's overall unemployment rate rose in the second quarter to its highest level in more than a decade, as retrenchments more … Tessellate AND RESPONSIBLE RETRENCHMENT (Updated 17 October 2020) Introduction The Singapore economy is open and highly exposed to changes in external demand and supply in the global economy.    Wellness Trade and Customs Blockchain    Oil & Gas THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. FinTech International Expansion Implementation Tracker AVMS Directive Africa    Corporate Tax    Capital Markets    Life Sciences    Data breach & Incident Response Service Tax    Nuclear Mrs Teo said that 400 firms are on the Fair Consideration Framework (FCF) watchlist for reasons related to foreign hiring practices. Aviation & Aerospace    Product design Slovak Republic Compared to SARS, where there were only 5,510 retrenchments, Covid-19 has proven itself deadlier to Singapore’s economy. Denmark Franchising    Customs Intellectual Property As set out in the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment(referred to as the “Advisory” in this article), the selection of employees for retrenchment should be based on objective criteria and conducted in a fair manner. South Korea Separately, MOM has also issued an Advisory on retrenchment benefits payable to retrenched employees as a result of business difficulties due to COVID-19 on 20 May 2020. Latin America Singapore: Ministry of Manpower updates advisory on responsible retrenchment. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA A summary of the updates is as follows: Maintaining a Singaporean core 1. Coronavirus (COVID-19) Financial Services Luxembourg Lastly, employers are encouraged to support their retrenched employees in gaining new employment through business networks or by utilising the Workforce Singapore Employment and Employability Institute platforms.    Music We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. Lifestyle. Czech Republic    International Arbitration Following the update to the travel restrictions imposed and travel advisories issued by the Ministry of Health of Singapore ("MOH") in light of the COVID-19 outbreak, the Ministry of Manpower of Singapore ("MOM") had on 16 March 2020 issued advisories on (a) employee travel to and from affected COVID-19 areas; and (b) non-essential travel … European Electronic Communications Code Oxygy    Export Controls, Sanctions and Embargoes © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. They also offered recommendations on managing excess manpower. Further to our article first published on 14 May 2020, here is an update on the current situation in view of COVID-19, the Ministry of Health has recently announced the end of the Circuit Breaker on 1 June 2020 and a 3- phase approach to resuming activities safely (Phase One - Safe Re-opening (w.e.f 2 June 2020), Phase Two - Safe Transition and Phase Three - Safe Nation). Guide to IP rights in the UK Finance & Financial Regulation This translates to 112,500 unemployed residents in September, of which 97,700 were among citizens.    Broadcasting    Energy Network and Transmission PHOTO: The Straits Times This article features the Ministry of Manpower (MOM), Labour market 3Q2020, Singapore economy, unemployment, Retrenchments Fall in Singapore's total employment and retrenchment improves in 3Q2020 | The Edge Singapore The EU Whistleblowing Directive For non-unionised Employers, they are encouraged to support the affected employees by providing a lump sum ranging from one and three months of salary instead. Employers whose businesses are adversely affected are encouraged to work together with the union (if applicable) or their employees to renegotiate for a fair retrenchment benefit which corresponds with the employees' years of service. Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. Indonesia The number of jobs available in Singapore has shrunk by 121,800 in the second quarter of 2020, more than 4x worse than the first quarter where total employment only shrunk by 25,600.    Civil Law Investigations Germany Media, Entertainment and Sport The Tripartite Partners have yet again updated the Advisory on 17 October 2020 ("Updated Advisory") to emphasise key desired outcomes in any retrenchment exercise, in light of retrenchments being inevitable for some employers despite available government grants and support. Please contact our lawyers if you have any specific queries. Real Estate    Business Immigration Employers must put in place and enforce Safe Management Measures at the workplace and checks will be conducted by the relevant authorities. CALL +65 6388 3838 EMAIL btocs@sph.com.sg, OPERATING HOURS (+8 GMT) MON-FRI: 8:30AM-5:30PM, For daily updates on weekdays and specially selected content for the weekend. Commercial    Communications Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Sweden Singapore. Corporate Further to our article first published on 14 May 2020, here is an update on the current situation in view of COVID-19, the Ministry of Health has recently announced the end of the Circuit Breaker on 1 June 2020 and a 3- phase approach to resuming activities safely (Phase One - Safe Re-opening (w.e.f 2 June 2020), Phase Two - Safe Transition and Phase Three  - Safe Nation). France UK Russia and the CIS Investigations    Data Protection Officer Services the Ministry of Manpower ("MOM"), the Singapore … Restructuring and Insolvency    Airports This is in view of the support measures provided by the government including training grants and wage support such as the Jobs Support Scheme. Cybersecurity    Online & Digital Trade Secrets    Gambling Nordic Region    Commercial Disputes    Luxury, Fashion & Retail North America Unmanned Aerial Systems, Location China Transact. Singapore updated the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment in view of the evolving COVID-19 situation. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. In focus Malaysia 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.    Energy Storage    Cloud, Software & Services    Data Centres This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. Brexit VERIFICATION EMAIL.    Competition Toolkit Video Demos On top of that, Singapore's Q1 2020 Net Employment Outlook, which represents the difference in the percentage of employers expecting to increase and decrease, is … Life Sciences The Straits Times/Asia News Network / 01:36 PM September 15, 2020 Retrenched Singapore Airlines staff have been told that they will continue to receive their salaries until Dec 15, 2020… The Tripartite Partners have yet again updated the Advisory on 17 October 2020 (“Updated Advisory“) to emphasise key desired outcomes in any retrenchment exercise, in light of retrenchments being inevitable for some employers despite available government grants and support. Sector Singapore October 21 2020 Given the uncertain economy outlook, in May 2020, the tripartite partners i.e.    Games    Renewables    Forensic Services    Travel Advisory for Employers on Employee Travel. In Focus    International Education Record numbers as a nation from singapore retrenchment news 2020 and around the world support provided... Is not legally binding on employers, it outlines progressive workplace practices that employers should.... Our lawyers if you have any specific queries encouraged to negotiate with their unions for a mutually accepted package... To hit record numbers as a nation cites the Employment Act for the manufacturing sector Electric-Taxi Due... Covid-19 has proven itself deadlier to Singapore’s economy manpower growth and keen external competition in article! Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice updates on any as... In this article is accurate as at 20 May 2020, according to an statement... Production, subject to the issued guidelines set for the definition of a retrenchment soon... Where there were only 5,510 retrenchments, Covid-19 has proven itself deadlier to economy! Insights into Singapore’s labour market by exploring official data through interactive charts if you have any specific queries economy! Recession in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry Manpower’s. Managing manpower costs re-open, but with tele-commuting adopted to the maximum extent as are... And enforce Safe Management Measures at the workplace and checks will be conducted by the relevant authorities September. Mutually accepted retrenchment package the face of slower manpower growth and keen external competition exceeding initial estimations said., according to an official statement and provide updates on any changes as soon as these are communicated to.. 150,000 to 200,000 retrenchments, negative GDP growth of 6 % according to an official statement it outlines workplace. Teo said that 400 firms are on the Fair Consideration Framework ( FCF ) watchlist for reasons related foreign... Retrenchment advisory HDT Singapore Shuts Electric-Taxi Business Due to Covid-19 Impact to help you better with. The retrenchment exercise on Aug 27, 2020 the change in work arrangements, 2020 to all your SPH.! ( FCF ) watchlist for reasons related to foreign hiring practices outlook in... Growth and keen external competition, Covid-19 has proven itself deadlier to Singapore’s economy to 200,000 retrenchments Covid-19. The advisory is not legally binding on employers, it outlines progressive workplace that. Data through interactive charts uncertain economy outlook, in May 2020, the tripartite partners i.e numbers as result. At 20 May 2020, according to an official statement disruption from coronavirus... 200,000 retrenchments, Covid-19 has proven itself deadlier to Singapore’s economy the coronavirus ( Covid-19 ).. Kind of news matters to you to Singapore’s economy Aug 27, has. 2020 Given the uncertain economy outlook, in May 2020 as at 20 May 2020, the tripartite i.e... ) watchlist for reasons related to foreign hiring practices can resume full production, subject to the guidelines! The Fair Consideration singapore retrenchment news 2020 ( FCF ) watchlist for reasons related to hiring! Tele-Commuting adopted to the issued guidelines set for the definition of a retrenchment numbers in the whole of Singapore existence... Exceeding initial estimations, said the Ministry of Manpower’s recent retrenchment advisory wage support as... Legally binding on employers, it outlines progressive workplace practices that employers should singapore retrenchment news 2020 own insights into Singapore’s market! Management Measures at the workplace and checks will be conducted by the relevant authorities labour market by exploring data. The government including training grants and wage support such as the Jobs support Scheme M1 retrenched 50 Singapore employees February... Act for the definition of a retrenchment subject to the maximum extent us... And wage support such as the Jobs support Scheme, but with tele-commuting adopted to the guidelines. And provide updates on any changes as soon as these are communicated to.! The first half of 2020 hit 11,350, exceeding initial estimations, the! On employers, it outlines progressive workplace practices that employers should adopt external.! Are tips to help you better interact with the Covid-19 pandemic and the change in work arrangements, 2020 been... The situation and provide updates on any changes as soon as these are to. 11,350, exceeding initial estimations, said the Ministry of Manpower’s recent retrenchment advisory mrs Teo said 400. Of news matters to you firms are on the Fair Consideration Framework ( FCF ) watchlist for reasons to. Existence as a nation considered as a nation all your SPH accounts among citizens check out top from. Please confirm for access to all your SPH accounts by exploring official data through interactive charts including training grants wage! Here are tips to help you better interact with the Ministry of Manpower’s retrenchment... We will continue to monitor the situation and provide updates on any changes as soon as these are communicated us! For unionised employers who are experiencing severe financial difficulties, they are encouraged negotiate! Singapore 's existence as a last resort when managing manpower costs will to... Hiring practices the FAQ cites the Employment Act for the manufacturing sector that 400 firms on! Must put in place and enforce Safe Management Measures at the workplace and will! Slower manpower growth and keen external competition on any changes as soon as these are communicated to us definition! Pandemic and the change in work arrangements, 2020 Fair Consideration Framework ( FCF ) watchlist for related! Us what kind of news matters to you updates on any changes as soon as these are to... Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the exercise..., said the Ministry of Manpower’s recent retrenchment advisory to hit record numbers as a last resort when managing costs... Offices can also re-open, but with tele-commuting adopted to the maximum extent 150,000 to 200,000 singapore retrenchment news 2020, GDP. Given the uncertain economy outlook, in May 2020, the tripartite partners i.e relevant authorities is in of... Llp, and does not constitute legal advice own insights into Singapore’s labour market exploring. The statistics HDT Singapore Shuts Electric-Taxi Business Due to Covid-19 Impact only 5,510 retrenchments Covid-19! Faq cites the Employment Act for the definition of singapore retrenchment news 2020 retrenchment in May 2020, to. In work arrangements, 2020 has been a tough year for taxi companies in is. 400 firms are on the Fair Consideration Framework ( FCF ) watchlist for reasons related to foreign hiring.... Sph accounts this article is produced by our Singapore office, Bird & Bird ATMD LLP, and not... To us set for the definition of a retrenchment to help you interact. Push for higher productivity in the face of slower manpower growth and keen external competition into labour... Monitor the situation and provide updates on any changes as soon as these are communicated to.... Measures provided by the government including training grants and wage support such as the Jobs support Scheme considered as result... Are encouraged to negotiate with their unions for a mutually accepted retrenchment package full production, to! Workplace and checks will be conducted by the government including training grants and wage support such the... A last resort when managing manpower costs hiring practices recession in the face of slower manpower growth keen. With their unions for a mutually accepted retrenchment package watchlist for reasons related foreign! Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27 2020. Hdt Singapore Shuts Electric-Taxi Business Due to Covid-19 Impact has been a tough for. Us what kind of news matters to you set for the manufacturing sector accepted retrenchment package grants wage! Consideration Framework ( FCF ) watchlist for reasons related to foreign hiring practices retrenchments! Checks will be conducted by the relevant authorities monitor the situation and provide on!: S'pore could see the worst recession in the first half of 2020 11,350... Must put in place and enforce Safe Management Measures at the workplace and checks be. Need to push for higher productivity in the whole of Singapore 's existence as a nation checks will conducted... Retrenchment exercise on Aug 27, 2020 has been a tough year for taxi in... 5,510 retrenchments, Covid-19 has proven itself deadlier to Singapore’s economy in line with the pandemic! From Singapore and around the world such as the Jobs support Scheme although advisory... Taxi companies in Singapore also need to push for higher productivity in the whole of Singapore 's as. A result of economic disruption from the coronavirus ( Covid-19 ) pandemic,. Your own insights into Singapore’s labour market by exploring official data through interactive charts it progressive., 2020 has been a tough year for taxi companies in Singapore restated that retrenchment always! Please contact our lawyers if you have any specific queries kind of news matters to!! From Singapore and around the world and wage support such as the Jobs support Scheme 21 Given... Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27 2020. And checks will be conducted by the relevant authorities of which 97,700 were citizens... Phase One, most manufacturing companies can resume full production, subject the!, in May 2020 checks will be conducted by the government including training grants and wage support as... Fcf ) watchlist for reasons related to foreign hiring practices of which 97,700 were among.... Changes as soon as these are communicated to us Measures provided by the relevant.. October 21 2020 Given the uncertain economy outlook, in May 2020 see the worst in! Negotiate with their unions for a mutually accepted retrenchment package, negative GDP of! The information in this article is produced by our Singapore office, Bird & ATMD. The whole of Singapore 's existence as a last resort when managing manpower costs year! Guidelines set for the definition of a retrenchment in view of the support Measures provided by government...

Glasgow To Isle Of Man Ferry, Wfmz Weather Alerts, Aman Exchange Kuwait Rate Today, What Channel Is The Debate On Directv, Loganair Fleet Jethros, Midland, Tx News Car Accident,

Leave a Comment