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Coffeeshop Chit Chat - Raymond Lim thinks talented FT better!</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">kojakbt22 <NOBR>
</NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Dec-21 7:04 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 7) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>4136.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>When Raymond Lim cut pay instead of retrenching staff
THE year was 1998, and the region was in the grip of the Asian financial crisis.
Mr Raymond Lim was then leading an investment team in ABN Amro Asia Securities, as its chief economist for Asia. To cut costs, his boss in Hong Kong asked him to fire workers in Singapore.
Recounted Mr Lim: 'I discussed with my team...why not everyone take a wage cut?'
The savings accrued this way would have been tantamount to a retrenched worker's salary. His boss found it an unusual measure, but allowed him to go ahead, as he was running the division.
In today's tough times, 'that's the philosophy we want', said Mr Lim, now Transport Minister. 'Instead of retrenching as a first resort, try to bring down the costs first, and we'll try to help you.'
He was replying to a question by a resident on the Government's call to companies to let foreign workers go first when downsizing. The resident asked if this should also apply to foreign managers.
Mr Lim said that if retrenching is inevitable, it makes sense to retrench foreign workers first, so that when companies expand their headcount again, they will not have to fight for Singapore workers. But ultimately, it depends on what an individual company needs. 'If the foreigner's skill sets are important, then you may have to keep foreign workers.'
[email protected]
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THE year was 1998, and the region was in the grip of the Asian financial crisis.
Mr Raymond Lim was then leading an investment team in ABN Amro Asia Securities, as its chief economist for Asia. To cut costs, his boss in Hong Kong asked him to fire workers in Singapore.
Recounted Mr Lim: 'I discussed with my team...why not everyone take a wage cut?'
The savings accrued this way would have been tantamount to a retrenched worker's salary. His boss found it an unusual measure, but allowed him to go ahead, as he was running the division.
In today's tough times, 'that's the philosophy we want', said Mr Lim, now Transport Minister. 'Instead of retrenching as a first resort, try to bring down the costs first, and we'll try to help you.'
He was replying to a question by a resident on the Government's call to companies to let foreign workers go first when downsizing. The resident asked if this should also apply to foreign managers.
Mr Lim said that if retrenching is inevitable, it makes sense to retrench foreign workers first, so that when companies expand their headcount again, they will not have to fight for Singapore workers. But ultimately, it depends on what an individual company needs. 'If the foreigner's skill sets are important, then you may have to keep foreign workers.'
[email protected]
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