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Retrenchment watch 2009

shOUTloud

Alfrescian
Loyal
Hi all

I kept hearing about retrenchments but it seems that our local media has thrown a blackout on the issue. Would like to suggest a thread for anyone who can confirm (please do not add rumours) any retrenchment from any companies in Singapore.

We all know about DBS who retrenched 600 2 months back. Who else?
 

newyorker88

Alfrescian
Loyal
Hi all

I kept hearing about retrenchments but it seems that our local media has thrown a blackout on the issue. Would like to suggest a thread for anyone who can confirm (please do not add rumours) any retrenchment from any companies in Singapore.

We all know about DBS who retrenched 600 2 months back. Who else?

It is 900, if I remember correctly.

Just go to any job fairs, you see how many there, it will give you a sense how bad it is. CNY is just over. Wait for another month to see.
 

Microsoft

Alfrescian (InfP)
Generous Asset
The co to my left got retrenchment... twice in a mth. First wave 600 2nd wave i dunno how many. The co to my right oso got retrenchment. Exact fig i dunno. The co across the street oso got retrenchment but smaller scale...

I think lidat bery difficult to list... U might as well look at the business phonebook for the listing... :biggrin::biggrin:
 

mengzai

Alfrescian
Loyal
everyday i work in fear that my finance will come to me, handing over me my last pay check.......... if so, i will die cock stand....
 

Wobble

Alfrescian
Loyal
one of the fashion garment factory will be shut soon....some small supporting industry linked to them have indicated that they will quit once they shut down...told by end of this month...another 400-700 goner
 

shOUTloud

Alfrescian
Loyal
The co to my left got retrenchment... twice in a mth. First wave 600 2nd wave i dunno how many. The co to my right oso got retrenchment. Exact fig i dunno. The co across the street oso got retrenchment but smaller scale...

I think lidat bery difficult to list... U might as well look at the business phonebook for the listing... :biggrin::biggrin:

Please provide names of the company. Should be very easy for you to just say the name right although I would caution that you should just say I knew xxx company rather than xxx company on my left/right. Soon your boss who is also on Sammyboy will narrow you down. :biggrin:
 

shOUTloud

Alfrescian
Loyal
January 30, 2009

90 per cent of the around 600 job cuts announced on Friday by chipmaker Chartered Semiconductor Manufacturing will be in Singapore, chief executive Chia Song Hwee told in a telephone interview.

CNA reports:
Channel NewsAsia understands that about 540 workers in Singapore will be affected by the retrenchment exercise.

Chartered said it is currently working with the unions on a retrenchment package for affected staff.

Update 1:
CHIP-MAKER Chartered Semiconductor Manufacturing, which is forecasting its biggest loss ever of US$147 million this quarter, will retrench over 500 workers here to cut costs.

The job cuts will be across all levels, ‘from manufacturing to managerial to executive’, said Chartered’s chief executive officer Chia Song Hwee on Friday.
The mainboard-listed company, which makes chips for companies like Qualcomm and Broadcom, has six manufacturing plants here.

Laid off Singaporean employees who have been with the company for three years or more will receive one months pay for every year of service; those with shorter length will get half a month’s pay for each year of service.

The company will also be giving out an ex-gratia payment to these employees, and has engaged consultants to help them with outplacement, said Mr Chia, stressing that it had this step as a last resort.

He pointed out that utilisation had fallen to 59 per cent for the quarter ended Dec 31 due to the financial crisis and expects this to fall further to 37 per cent.

‘Unfortunately business conditions continue to deteriorate, and with utilisation below 40 per cent, despite the (Government’s recently announced) jobs credit scheme, resizing is unavoidable,’ he said.

Under the scheme, the Government will subsidise part of a worker’s wage.
The retrenchment benefits will cost Chartered US$8 million, but will help it save US$16 million over the year.

The latest retrenchment exercise brings the total job cuts to 1,300, or 18 per cent of its previous work force. In December, Chartered retrenched about 270 contract staff; it had also ‘exited poor performers’ and frozen hiring, not replacing those who quit voluntarily, said Mr Chia.

Chartered, the world’s third-largest maker of customised chips, announced the dismal outlook and job cuts on Friday morning before the market opened, together with its financial results for its fourth quarter and financial year.
It posted a net loss of US$92.6 million for its financial year ended Dec 31, on the back of revenues of US$1.66 billion. It booked a US$101.7 million profit in 2007.

The financial turmoil had resulted in an ‘unprecedented rate of decline in semiconductor demand worldwide’, said chief financial officer George Thomas in a statement.

For now, the company is ‘very much focused on near term priorities to make sure we weather the downturn,’ said Mr Chia.

It is also working on other cost-cutting measures including reducing its capital expenditure by 35 per cent to US$375 million this year, its lowest level since 2003, to ‘conserve liquidity’.

Even though cost is a concern, the company has decided to maintain its research and developing spending.

Chartered, said Mr Chia, has to make sure ‘our position is not weakened … if customers lose confidence (in Chartered), opportunities will not come’ back when the economy recovers.

He did not rule out the possibility of further job cuts if the situation worsens.
 

shOUTloud

Alfrescian
Loyal
DBS retrenchment: The unkindest cut of all
Sunday, 16 November 2008, 9:23 pm | 4,476 views
PN Balji / Guest Writer

DBS Bank’s retrenchment bombshell has its after-effects beyond its timing, suddenness and audacity. It goes to the core of Singapore’s jealously-guarded and famously-touted gold standard of labour relations. That gold standard, pieced together by sheer force, determination and economic carrots, is now under a grim spotlight.

The trade union movement and its leader, Mr Lim Swee Say, need to look itself in the mirror and ask a number of difficult questions:

How is it that the DBS staff union knew of the decision to lay off about 500 workers only three days before the employees and the public knew about it?
Why did the management not discuss with the staff union other cost-cutting measures before wielding the axe?

More fundamentally, what happened to the friendship and partnership that unions like the DBS staff union were supposed to build up with the management?

Instead of doing some introspection, Mr Lim went on the offensive on Friday. He accused the DBS bosses of not consulting the staff union, questioned why they did not think of flexible wages and work arrangements before going for the unkindest cut of all and warned of losing the trust of Singaporeans.
Brave words, spoken like a militant trade leader would.

If any, the one salutary effect it will have is on those companies that are planning similar moves. With the country in recession and with the outlook looking worse before it can get better, Mr Lim is facing his biggest challenge as secretary general of the National Trades Union Congress. His top priority must be to keep layoffs to a minimum.

DBS’ pre-emptive strike, without consulting its trade union partners, has thrown that ambition out of whack. The timing was also horrible. It came just a day after he made page one headlines when he announced a fund that employers can draw from to send workers not fully occupied for training, primarily for the aim of saving jobs. DBS’ retrenchment also cuts close to the bone because Mr Lim is the advisor to the DBS staff union branch.

To make matters worse, DBS Bank is not an ordinary bank. Neither is it an ordinary employer. Its roots are in Singapore, it is seen as government-linked and its actions are taken as a bell-weather of things to come.
If DBS can do it, why can’t we? You might understand if there are bosses out there thinking like this.

And for NTUC and Mr Lim, this episode throws open a rare trait of Singapore’s labour union movement to scrutiny: Its ability to maintain industrial harmony because of its closeness to management and government. The DBS action will make many wonder: What went wrong?

It could be that DBS had to see itself not just as a Singapore-only bank. It operates in 16 countries and is responsible for 15,000 workers. With a vast international network and its advertising tagline saying “Living, Breathing Asia”, it can’t be seen to axe only workers in overseas branches. So equal misery must have become the mantra.

Still the suddenness and haste with which the cuts were administered and Mr Lim’s sharp reactions have given the labour movement and the political leadership much to think about

Navel gazing is not such a bad thing, especially in a crisis.
 

Microsoft

Alfrescian (InfP)
Generous Asset
Please provide names of the company. Should be very easy for you to just say the name right although I would caution that you should just say I knew xxx company rather than xxx company on my left/right. Soon your boss who is also on Sammyboy will narrow you down. :biggrin:

Piangzz lidat u still ask me 2 name the co...:eek::biggrin:

No bullshit lah... it's true... i wun name the co but the 3 co 1 is computer hardware distributor and 2 garment related firm....:biggrin::biggrin:
 

shOUTloud

Alfrescian
Loyal
650 jobs axed at STATS ChipPAC

650 jobs axed at STATS ChipPAC?

Some foreign staff have volunteered to leave


Leong Wee Keat

[email protected]

HER night shift was over but Madam Marzna Sulaiman stood outside the STATS ChipPAC factory in Yishun for more than 45 minutes yesterday morning, waiting to have a last breakfast meeting with friends.
:“I don’t know when I will next see them,” said the 55-year-old production auditor, who was one of 650 workers — both production and professional — laid off by the chip-testing company over a two-day period starting yesterday.
:Madam Marzna joined the growing ranks of workers being retrenched in the electronics industry: There have been 2,350 laid off so far this year, just 24 less than the total for the whole of last year.
:STATS had announced in December plans to reduce its global workforce by 1,600. Then, the company — which has operations in 10 countries — had said “the majority of the restructuring will be made outside of Singapore”. When asked to comment yesterday on why so many of the job losses were here, STATS declined to comment.
:Of the 650 workers affected, it is not known how many are locals. But at least five of the 20 affected workers T:oday: interviewed were Singaporean. Half of the foreigners, including Malaysians, Filipinos and Chinese nationals, said they had volunteered to be retrenched. Three workers told T:oday: they did not like the new shift arrangements. One, who wanted to be known as Jamaliah, said: “The package is quite good. I will take a rest then hope to find work later.”
:The package seems to be the market norm: A month’s pay for each year of service, for those with the company for more than three years; while those who worked for less than three years get two week’s pay per year, according to the workers.
:The United Workers of Electronic and Electrical Industries (UWEEI) union — which represented the workers in negotiations — felt a “fair deal” was struck, said executive secretary Halimah Yacob. The affected workers will be put through an employability camp; those not retrenched will also be offered assistance in re-training, she said.
:Global semiconductor sales were severely hit by the economic turmoil, resulting in the first year-on-year drop since 2001. :According to the United States-based Semiconductor Industry Association, in the Asia-Pacific, sales were down nearly 22 per cent in December from a year before.
:Mdm Halimah said UWEEI would continue to work with companies through the Government-subsidised Skills Programme for Upgrading and Resilience to save jobs. “We will do whatever we can to help both workers and companies,” she vowed.
:Mdm Marzna, who was with STATS for 12 years, said she would take a break to look after her grandchild. But her friend, who declined to be named, plans to sign up for re-training immediately. “I don’t know how long money will last,” said the 29-year-old mother of two. “The economy seems bad and I don’t want to take chances.”
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Re: 650 jobs axed at STATS ChipPAC

Retrenchment is good for the country.
 
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