singapore retrenchment news 2020

Geo-Blocking Singapore October 21 2020 Given the uncertain economy outlook, in May 2020, the tripartite partners i.e. Employers must put in place and enforce Safe Management Measures at the workplace and checks will be conducted by the relevant authorities. Netherlands Oxygy The Unitary Patent and the Unified Patent Court Copyright Directive North America    Tax Disputes    EU Trade Defence THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times.    Export Controls, Sanctions and Embargoes Medical Devices Tell us what kind of news matters to you!    Online & Digital Reports of Trade Mark Cases for CIPA Journal    Customs 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. PHOTO: The Straits Times Dispute Resolution Outsourcing Please contact our lawyers if you have any specific queries. A summary of the updates is as follows: Maintaining a Singaporean core    Business Immigration With the Covid-19 pandemic and the change in work arrangements, 2020 has been a tough year for taxi companies in Singapore.. Sector 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. Belgium It is intended to provide general information only. Esports OTT    Competition & Regulatory Investigations Intellectual Property    Product design Southeast Europe and Turkey The author of the FAQ cites the Employment Act for the definition of a retrenchment. Finland    Hotels, Hospitality & Leisure International HR Services    Civil Law Investigations    Life Sciences Real Estate Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. Competition & EU Law Trade and Customs Singapore United Arab Emirates    Airlines    Broadcasting © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO.    Airports    Private Equity Africa Retrenchment due to restructuring.    Patents "Is it really a retrenchment?" 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. 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. The MOM has restated that retrenchment should always be considered as a last resort when managing manpower costs. Trade Secrets Transact. Digital Rights & Assets Meanwhile, Singapore’s seasonally-adjusted unemployment rate edged up to 3.6% in September, deteriorating from the 3.4% registered in August.    Marketing Transform. HDT Singapore Shuts Electric-Taxi Business Due To Covid-19 Impact.    Corporate Tax The EU Whistleblowing Directive GE2020. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA 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. You can search by keyword, sector or practice area and then optionally filter by a location, Keywords    Postal    Cloud, Software & Services 1. 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).    Travel Compared to SARS, where there were only 5,510 retrenchments, Covid-19 has proven itself deadlier to Singapore’s economy. Cybersecurity 2020 could see the worst recession in the whole of Singapore's existence as a nation. In Your Corner    Commercial Disputes    Commercial Aerospace Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. Aviation & Aerospace    Aircraft Finance Germany Nordic Region Guide to IP rights in the UK Singapore. 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. Russia and the CIS Please confirm for access to all your SPH accounts.    Forensic Services Italy Energy & Utilities 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. 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. 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 … 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 … SIA had announced that it would slash about 20 per cent of its headcount - about 4,300 positions - amid the COVID-19 … Slovak Republic Hello, your email is unverified. Middle East Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. Most offices can also re-open, but with tele-commuting adopted to the maximum extent. Influencer Marketing Navigating Hong Kong's Competition Law Hungary    Oil & Gas Central and Eastern Europe Brexit Switzerland and Austria    Data Centres In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. ASEAN Although the Advisory is not legally binding on employers, it outlines progressive workplace practices that employers should adopt. Western Europe Finance & Financial Regulation    Communications News. Regulatory and Administrative    Food & Beverage Regulatory    Music United States 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. Israel    Satellite and Space activities Denmark    Publishing Media, Entertainment and Sport Lifestyle. Covid-19. Sweden Poland Coronavirus (COVID-19) Latin America RESEND ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. Please note that the information in this article is accurate as at 20 May 2020.    Sport 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. The EU Trade Mark Reform - The biggest change to trade mark law for 20 years Investigations Mobile Health European Electronic Communications Code 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). Malaysia Tessellate    Renewables Czech Republic Cloud Computing 5G Regulatory & Public Affairs 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. Luxembourg Digital Services Tax Lifestyle News. We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us.    Nuclear This is in line with the Ministry of Manpower’s recent retrenchment advisory.    Consumer Law This translates to 112,500 unemployed residents in September, of which 97,700 were among citizens. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Singapore: Ministry of Manpower updates advisory on responsible retrenchment. At Phase One, most manufacturing companies can resume full production, subject to the issued guidelines set for the manufacturing sector. 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. Financial Services Defence & Security    GDPR    Glossary of terms used in relation to Brexit Retail and Consumer Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy.    Energy Digitalisation    Healthcare Indonesia Public Projects and Procurement Blockchain 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. 198402668E. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected International Expansion UK 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.    Competition Toolkit Video Demos    Rail    Venture Capital the Ministry of Manpower ("MOM"), the Singapore …    Energy Network and Transmission Implementation Tracker AVMS Directive    Data breach & Incident Response Service Subscribe to t.me/BizTimes. 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.    Food & Beverage    Wellness Infrastructure This is in view of the support measures provided by the government including training grants and wage support such as the Jobs Support Scheme. 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 Commercial    White Collar Crime Investigations 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    Transactional IP Bird & Bird Plus    Unmanned Aircraft Systems Advisory for Employers on Employee Travel.    Mining and Minerals Chart: Retrenchment - Draw your own insights into Singapore’s labour market by exploring official data through interactive charts. 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    EU & UK Representative Services France The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. Automotive 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.    Devices and Components    Brands    Trade Regulatory 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 Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020.    Energy Management Autonomous Driving Follow the latest news on retrenchment at TODAYonline. Unmanned Aerial Systems, Location Startup; Digital News . In Focus In focus They also offered recommendations on managing excess manpower. Australia    Capital Markets    Luxury, Fashion & Retail Life Sciences and Healthcare FinTech 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. SINGAPORE: Singapore's overall unemployment rate rose in the second quarter to its highest level in more than a decade, as retrenchments more … 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. Practice Area A summary of the updates is as follows: Maintaining a Singaporean core Payment Services South Korea 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. Tech Transactions VERIFICATION EMAIL.    Energy Storage Corporate    Social Privacy and Data Protection This involves taking into account the following non-exhaustive factors when conducting a retrenchment exer… Product compliance and liability    Employee Incentives and Benefits 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. India Singapore updated the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment in view of the evolving COVID-19 situation. 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. Check out top news from Singapore and around the world.    Construction and engineering The Ethical Workplace & The Law In Practice Technology & Communications 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.    Procurement Challenges Japan Businesses also need to push for higher productivity in the face of slower manpower growth and keen external competition.    Games    International Education France 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.    Data Protection Officer Services    Mergers & Acquisitions    Gambling For unionised employers who are experiencing severe financial difficulties, they are encouraged to negotiate with their unions for a mutually accepted retrenchment package. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. 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… Spain Australia's Notifiable Data Breach Scheme Restructuring and Insolvency General Data Protection Regulation Here are tips to help you better interact with the statistics    Employment Tax    Copyright & related rights Franchising    Transfer Pricing    Indirect Tax, Trade and Customs 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. 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.    International Arbitration    Trade Secrets Mrs Teo said that 400 firms are on the Fair Consideration Framework (FCF) watchlist for reasons related to foreign hiring practices. China Asia-Pacific The Internet of Things Any changes as soon as these are communicated to us Business Due to Covid-19 Impact labour! Hit record numbers as a last resort when managing manpower costs resort managing! Is accurate as at 20 May 2020, according to an official statement the author of the support Measures by... And checks will be conducted by the relevant authorities this is in view of FAQ. That 400 firms are on the Fair Consideration Framework ( FCF ) watchlist for reasons related to hiring. 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