singapore retrenchment news 2020

singapore retrenchment news 2020

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Intellectual Property Corporate    International Arbitration Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. China Poland Oxygy 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). Italy Public Projects and Procurement Energy & Utilities Brexit Australia's Notifiable Data Breach Scheme 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. News. Automotive For unionised employers who are experiencing severe financial difficulties, they are encouraged to negotiate with their unions for a mutually accepted retrenchment package. Spain    Nuclear Reports of Trade Mark Cases for CIPA Journal    Competition Toolkit Video Demos    Oil & Gas    Data breach & Incident Response Service Tech Transactions Singapore Mrs Teo said that 400 firms are on the Fair Consideration Framework (FCF) watchlist for reasons related to foreign hiring practices. 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. Here are tips to help you better interact with the statistics 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. United States    Food & Beverage Regulatory Meanwhile, Singapore’s seasonally-adjusted unemployment rate edged up to 3.6% in September, deteriorating from the 3.4% registered in August.    Hotels, Hospitality & Leisure FinTech Technology & Communications Autonomous Driving    Gambling Slovak Republic European Electronic Communications Code Netherlands 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 …    Private Equity Defence & Security HDT Singapore Shuts Electric-Taxi Business Due To Covid-19 Impact. International Expansion The Unitary Patent and the Unified Patent Court Lifestyle News.    Unmanned Aircraft Systems    Luxury, Fashion & Retail This translates to 112,500 unemployed residents in September, of which 97,700 were among citizens. France Mobile Health Denmark 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.    Transfer Pricing Copyright Directive Payment Services Finland North America International HR Services Switzerland and Austria Medical Devices Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA Outsourcing    EU Trade Defence They also offered recommendations on managing excess manpower. Restructuring and Insolvency Finance & Financial Regulation This is in view of the support measures provided by the government including training grants and wage support such as the Jobs Support Scheme. Unmanned Aerial Systems, Location    Copyright & related rights    Brands    Airlines    Online & Digital    Trade Regulatory Latin America Tax 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. Singapore October 21 2020 Given the uncertain economy outlook, in May 2020, the tripartite partners i.e.    Social 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. Competition & EU Law Malaysia 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.    Sport Israel Influencer Marketing In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. A summary of the updates is as follows: Maintaining a Singaporean core Please contact our lawyers if you have any specific queries. Esports Follow the latest news on retrenchment at TODAYonline.    Business Immigration 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). In Focus 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 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. Tessellate    Mergers & Acquisitions Digital Rights & Assets    Corporate Tax South Korea Dispute Resolution Most offices can also re-open, but with tele-commuting adopted to the maximum extent. 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. Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. Subscribe to t.me/BizTimes.    Glossary of terms used in relation to Brexit Guide to IP rights in the UK Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected    Devices and Components    Healthcare UK    Product design The Ethical Workplace & The Law In Practice 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. 1. Singapore updated the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment in view of the evolving COVID-19 situation. Tell us what kind of news matters to you!    Customs    Music 5G Privacy and Data Protection Please confirm for access to all your SPH accounts. Life Sciences Navigating Hong Kong's Competition Law Hungary 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. Luxembourg    Venture Capital RESEND Aviation & Aerospace Digital Services Tax Cybersecurity Sweden Transact. 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 …    Energy Management Japan 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.    Airports Advisory for Employers on Employee Travel. Retail and Consumer Sector    Indirect Tax, Trade and Customs 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. Although the Advisory is not legally binding on employers, it outlines progressive workplace practices that employers should adopt. Asia-Pacific Franchising    EU & UK Representative Services SIA had announced that it would slash about 20 per cent of its headcount - about 4,300 positions - amid the COVID-19 … ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. Regulatory & Public Affairs 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. The MOM has restated that retrenchment should always be considered as a last resort when managing manpower costs. 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. Investigations    White Collar Crime Investigations    Commercial Disputes    Commercial Aerospace India Real Estate Belgium Singapore: Ministry of Manpower updates advisory on responsible retrenchment. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. Singapore.    GDPR    Mining and Minerals 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. Middle East    Patents Product compliance and liability 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. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO.    Data Protection Officer Services Germany SINGAPORE: Singapore's overall unemployment rate rose in the second quarter to its highest level in more than a decade, as retrenchments more … the Ministry of Manpower ("MOM"), the Singapore …    Trade Secrets Startup; Digital News . 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