SINGAPORE: Labour chief Lim Swee Say has expressed his disappointment in the sudden decision by DBS Bank to cut 900 jobs.
In a statement, Mr Lim said that the bank had not consulted with the DBS Staff Union on other alternatives to cutting costs.
As a result, the perception on the ground is that DBS Bank decided on retrenchment as a first resort.
He added that this has weakened the trust between the management and union, and that the reaction on the ground is critical and highly negative.
Mr Lim said that "trust takes a long time to build, but a short time to destroy."
His message came in an eight-paragraph statement to the media, which urged companies not to use retrenchment as the first resort.
He stressed that whether retrenchment will reach a high of 30,000 next year, like in 1998, will depend on how companies conduct themselves during this downturn.
It was not that the National Trades Union Congress demanded zero retrenchment, but that the company should explore alternatives with the union.
For example, ways to cut cost and save jobs include having a shorter work week, reducing the year-end bonus, and re-training of excess manpower.
And if retrenchment is still unavoidable after mutual consultations, Mr Lim pledged that unions will stand by the management to help explain, and "carry the ground." -CNA
In a statement, Mr Lim said that the bank had not consulted with the DBS Staff Union on other alternatives to cutting costs.
As a result, the perception on the ground is that DBS Bank decided on retrenchment as a first resort.
He added that this has weakened the trust between the management and union, and that the reaction on the ground is critical and highly negative.
Mr Lim said that "trust takes a long time to build, but a short time to destroy."
His message came in an eight-paragraph statement to the media, which urged companies not to use retrenchment as the first resort.
He stressed that whether retrenchment will reach a high of 30,000 next year, like in 1998, will depend on how companies conduct themselves during this downturn.
It was not that the National Trades Union Congress demanded zero retrenchment, but that the company should explore alternatives with the union.
For example, ways to cut cost and save jobs include having a shorter work week, reducing the year-end bonus, and re-training of excess manpower.
And if retrenchment is still unavoidable after mutual consultations, Mr Lim pledged that unions will stand by the management to help explain, and "carry the ground." -CNA
