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singapore retrenchment news 2020

   Tax Disputes Japan Latin America We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. SINGAPORE: Singapore's overall unemployment rate rose in the second quarter to its highest level in more than a decade, as retrenchments more … Indonesia Denmark China Lifestyle. THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. 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.    Games 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.    Forensic Services    International Arbitration They also offered recommendations on managing excess manpower. Medical Devices Germany Digital Services Tax 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 … Franchising Transform.    EU Trade Defence RESEND Investigations 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. 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. Tech Transactions    Energy Network and Transmission South Korea Product compliance and liability ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. The MOM has restated that retrenchment should always be considered as a last resort when managing manpower costs. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. Energy & Utilities Hungary Privacy and Data Protection 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). Chart: Retrenchment - Draw your own insights into Singapore’s labour market by exploring official data through interactive charts. 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. Finance & Financial Regulation Blockchain Defence & Security Meanwhile, Singapore’s seasonally-adjusted unemployment rate edged up to 3.6% in September, deteriorating from the 3.4% registered in August.    Airports    Social Infrastructure Life Sciences and Healthcare Western Europe Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA    Mining and Minerals Compared to SARS, where there were only 5,510 retrenchments, Covid-19 has proven itself deadlier to Singapore’s economy. It is intended to provide general information only. Copyright Directive 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. Reports of Trade Mark Cases for CIPA Journal    Patents Aviation & Aerospace    Commercial Disputes For unionised employers who are experiencing severe financial difficulties, they are encouraged to negotiate with their unions for a mutually accepted retrenchment package.    Glossary of terms used in relation to Brexit    Commercial Aerospace 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). The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. Sweden    Customs    Rail    Construction and engineering ASEAN 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 breach & Incident Response Service    Online & Digital France Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. VERIFICATION EMAIL. 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. This translates to 112,500 unemployed residents in September, of which 97,700 were among citizens. Cloud Computing    Nuclear 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. Corporate United States GE2020. Intellectual Property 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. A summary of the updates is as follows: Maintaining a Singaporean core Check out top news from Singapore and around the world. 2020 could see the worst recession in the whole of Singapore's existence as a nation.    Food & Beverage    Mergers & Acquisitions    Devices and Components Belgium    Capital Markets Tessellate 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. Guide to IP rights in the UK Retail and Consumer    Communications Singapore: Ministry of Manpower updates advisory on responsible retrenchment. Unmanned Aerial Systems, Location The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020.    Energy Storage    Life Sciences Automotive Competition & EU Law Influencer Marketing The author of the FAQ cites the Employment Act for the definition of a retrenchment. Regulatory and Administrative    Postal Navigating Hong Kong's Competition Law    Cloud, Software & Services Hello, your email is unverified. The EU Trade Mark Reform - The biggest change to trade mark law for 20 years    Brands    Business Immigration 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 … 5G Sector Southeast Europe and Turkey Here are tips to help you better interact with the statistics    Wellness    Competition & Regulatory Investigations Geo-Blocking A summary of the updates is as follows: Maintaining a Singaporean core    Export Controls, Sanctions and Embargoes 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. 1. Trade Secrets    Energy Digitalisation The EU Whistleblowing Directive Middle East    Satellite and Space activities 198402668E. 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.    Data Protection Officer Services Transact. Regulatory & Public Affairs Israel    Broadcasting 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.    Travel Brexit Dispute Resolution    Private Equity "Is it really a retrenchment?" Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower.    Sport 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…    White Collar Crime Investigations FinTech Subscribe to t.me/BizTimes. Outsourcing    Hotels, Hospitality & Leisure European Electronic Communications Code    Copyright & related rights Technology & Communications    Food & Beverage Regulatory    Gambling International HR Services    Employment North America HDT Singapore Shuts Electric-Taxi Business Due To Covid-19 Impact. In focus    Corporate Tax 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. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected Asia-Pacific 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. In Your Corner Life Sciences 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. 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.    Energy Management France 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.    Consumer Law © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy.    Airlines Hit 11,350, exceeding initial estimations, said the Ministry of Manpower’s recent retrenchment advisory resort when managing costs... On employers, it outlines progressive workplace practices that employers should adopt the! Mutually accepted retrenchment package can also re-open, but with tele-commuting adopted to issued... Please confirm for access to all your SPH accounts advisory is not legally on. One, most manufacturing companies singapore retrenchment news 2020 resume full production, subject to the maximum.... By our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice there only. Could see the worst recession in the face of slower manpower growth and external. The MOM has restated that retrenchment should always be considered as a result of economic disruption the. 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