2nd wave of retrenchments

[doomandgloom]

There could be a second wave of retrenchments in Singapore as the global economic outlook for the rest of the year remains uncertain, said Labour chief Lim Swee Say.

Mr Lim said there may be early signs of economic recovery in the United States but the world economy is not out of the woods yet as unemployment continues to climb.

He said union leaders around the world, who gathered at the International Labour Conference in Geneva recently, agreed that job losses will continue to be a challenge.

Mr Lim cautioned that Singapore's job outlook for the next six months is uncertain as consumption in the United States and Europe remains weak.

He explained: "If we're not going to see a strong rebound for global consumption for this year end, what this means is that the global manufacturing sector may take some time before we see a full recovery. This means that in the second half of this year, we should not rule out the possibility of a second wave of retrenchments."

......

The latest job market figures for the January to March period, released by the Ministry of Manpower on June 15, showed that there are now 16,600 long-term unemployed people in Singapore.

By definition, these people have been jobless for 25 weeks or more. A year ago, the corresponding figure was half.

[Pripps]

......

The latest job market figures for the January to March period, released by the Ministry of Manpower on June 15, showed that there are now 16,600 long-term unemployed people in Singapore.

I didn't know there were that many agents in Singapore, imagine that.

[Dr. Phil]

We should read "between the lines" and position ourselves accordingly.

Politicians must put on a brave face.

In UK and USA especially they appear not to want to be up-front with people and tell them how grave the situation really is.
If they did you can be sure their Free Trade Agreements and Open Door/Open Border policies would be challenged. They would be asked to explain the logic behind such single-minded determination which has become less an economic strategy and increasingly an ideology for corporate rather than national wealth.

Churchill believed in telling the people straight out how grave the situation was. He believed they were mature enough to adjust their sights and make necessary preparations.

We are seeing moves which may downgrade the ratings of additional banks and insurers and even countries as the situation deteriorates and amazingly governments' continue to advocate more consumption, more spending, more borrowing....

But people are spending less and saving more.  

[mandyr]

There could be a second wave of retrenchments in Singapore as the global economic outlook for the rest of the year remains uncertain, said Labour chief Lim Swee Say.

Mr Lim said there may be early signs of economic recovery in the United States but the world economy is not out of the woods yet as unemployment continues to climb.

He said union leaders around the world, who gathered at the International Labour Conference in Geneva recently, agreed that job losses will continue to be a challenge.

Mr Lim cautioned that Singapore's job outlook for the next six months is uncertain as consumption in the United States and Europe remains weak.

He explained: "If we're not going to see a strong rebound for global consumption for this year end, what this means is that the global manufacturing sector may take some time before we see a full recovery. This means that in the second half of this year, we should not rule out the possibility of a second wave of retrenchments."

......

The latest job market figures for the January to March period, released by the Ministry of Manpower on June 15, showed that there are now 16,600 long-term unemployed people in Singapore.

By definition, these people have been jobless for 25 weeks or more. A year ago, the corresponding figure was half.

So? Clearly the message is not meant for expats.

[Peasant]

So? Clearly the message is not meant for expats.
[/quote]

Why not for Expats?

[I blame]

it on the Roman Catholic conspiracy.

[More]

You have to have the right to stay in Singapore to be a long term unemployed person. These stats hide the real size of job losses in Singapore as most who loose their job have to leave immediately. Companies will retrench non-Singaporeans first for a variety of reasons.

Job losses in US/Europe have not yet peaked. Anyone who thinks this is not going to materially effect the significant manufacturing and tourist parts of the Asian economies is mad.

It's going to get worse before it gets better

[The Bishop.]

it on the Roman Catholic conspiracy.

Madoff, Greenberg and most Wall Street gamblers are no Catholic.  

Or are they?  

[Pripps]

Madoff, Greenberg and most Wall Street gamblers are no Catholic.

Don't speak so loud, Dr. P could hear you...  

   or to quote a classic: "don't mention the war!"

[Janetsby]

yeah there have been a number more - some lady was on earlier and is npw off to houston as a result.

[partly true]

You have to have the right to stay in Singapore to be a long term unemployed person. These stats hide the real size of job losses in Singapore as most who loose their job have to leave immediately.

The stats do hide number though I doubt it is a huge distortion.  PRs don't need to leave.  PEP holders get longer and I heard they are giving grace periods to EP holders.  Nevertheless the two latter ones would need to leave after 6 months unless they converted to PR.

Companies will retrench non-Singaporeans first for a variety of reasons.

Sorry, the locals may like to believe this but it is just not the case.  Certainly not in MNCs.

[Paine, Thomas]

yeah there have been a number more - some lady was on earlier and is npw off to houston as a result.

Read her post, internal transfer not retrenchment.  Meanwhile, my company just transferred an expat (full package, 2 kids, int'l school) here from the US.  Don't believe the hype - the whole world doesn't move in lockstep together.  Some get fired, some get hired.  Sometimes more of one, sometimes more of the other.  Neither ever stops entirely.

[net reductions]

party true - yes it's a huge distortion, the amount of jobs lost in Singapore is way more than 16,000 as most job losses have not been of PRs or locals (yet) - EPs etc will not show up on those stats whether they are staying longer or not

Of course it's not all one way traffic, some people are still coming, but net it's job losses for Singapore and less new arrivals have packages than in the past. Many have been transfered "home" and businesses focus on domestic markets and/or look to save on expat costs

ABN/RBS Singapore is still to be worked out. The business was just sensured by the MAS. Whatever happens it's not going to lead to anything but job losses.

[Pripps]

yeah there have been a number more - some lady was on earlier and is npw off to houston as a result.

Read her post, internal transfer not retrenchment.  Meanwhile, my company just transferred an expat (full package, 2 kids, int'l school) here from the US.  Don't believe the hype - the whole world doesn't move in lockstep together.  Some get fired, some get hired.  Sometimes more of one, sometimes more of the other.  Neither ever stops entirely.

One a personal level it is a difference tranfered/fired but for Singapore it is not a difference how the person leaves Singapore.

[Frank Roosevelt]

Politicians must put on a brave face.


Churchill believed in telling the people straight out how grave the situation was. He believed they were mature enough to adjust their sights and make necessary preparations.

It's hard to paint a rosy picture when V1s are landing in the garden in the morning and you are getting carpet bombed all night.

"Hey Winnie.  I think the jig is up.  Maybe it's time to tell the common folk that there's a war on."