Retrenchments?

[Cracker]

Heard frm 938 live either yesterday or thursday, the current financial fraud/crisis happening in US had given new meaning to the following corporate term:

 

 

CEO: Chief Embezzlement Officer.

CFO: Chief Fraud Officer

Broker: Finally the literal meaning had been surface...they will break you down financially.

[Scion]

I think the sector to be relatively safe is only the healthcare sector.

 

Good time bad time....pple will be ill.

 

in singapore, singaporepools also one of the safest...

cos they are recession proof.. in fact,in bad times, their biz goes up!

lol

[Dwoon]

Actually, its the 1st level management that will become redundant.... engineers are still required to run the show, even with less manufacturing volume.

 

But 1st level management can be trimmed down.... those that are retained will have to handle more and to cover those areas left open.

 

 

My friend who is in the semi-con industry (a subsidiary owned by intel & micron) is facing an upcoming retrenchment exercise that will see 40% of the engineers axed. The company will release the name list by end of the month.

 

As usual, engineers 1st to go

[Rickster]

My close friend, a 60 years old man has been working as a regional marketing manager for a MNC involving in manufacturing, marketing and distribution of building materials for the past 20 years in Asia and the Indian Oceanic region. Recently, this MNC is undergoing restructuring/ downsizing in anticipation of the continued slowdown.

He has been offered a golden parachute, some SGD 125K compensation which is approx 1.5years of his basic salary. Shall he take this and jump off, knowing that in the next 2-3 years, Asian and other regional countries are facing a general GDP slowdown and the building material industries in particular.

 

For him to get back a similar job in the near future will be difficult, if not impossible in view of his age.

 

Appreciate your feedback

 

I suppose if your friend do not have much debt to clear, he can accept the package. As ur friend is already at retirement age liao.

 

If the company really want him to go, they can still do many things to force ur friend out - and this time, there will be no golden parachute.

[Rickster]

so fast? still thinking of changing job nex yr

 

Y not? Even in recession, there are still people who are getting big bonuses & pay raise. Just that the percentage is way way less than in good times.

[Rickster]

My friend who is in the semi-con industry (a subsidiary owned by intel & micron) is facing an upcoming retrenchment exercise that will see 40% of the engineers axed. The company will release the name list by end of the month.

 

is it IM flash? i thought they just started the plant not long ago...

 

I shall

[Rickster]

My friend who is in the semi-con industry (a subsidiary owned by intel & micron) is facing an upcoming retrenchment exercise that will see 40% of the engineers axed. The company will release the name list by end of the month.

 

As usual, engineers 1st to go

 

...and one of the last few people to get a share in the company's bonuses when it is doing well

[KapitanE]

Don't forget to subtract the CPF and tax to see how much cash he really gets.

 

Retrenchment benefits... or the word Tax Department use is .. benefits due to lost of office, is tax exempt, they are also CPF exempt. It is the interest earned from your benefits are are taxable.....

[Ody_2004]

Correct!

 

How I know?? As i got mine last month..

 

See that u got yr First Class tic! :) My SQ*G gone soon..

Edited October 11, 2008 by Ody_2004

[Hub_n_mona]

But the unis always wana churn out engineers

[Albeniz]

My friend who is in the semi-con industry (a subsidiary owned by intel & micron) is facing an upcoming retrenchment exercise that will see 40% of the engineers axed. The company will release the name list by end of the month.

 

I was under the impression that Intel-Micron was building a new Fab in Singapore and there was a recruitment exercise a few months back. The newly-recruited engineers were sent to the States for training.

 

Are they retrenching the new Intel-Micron engineers?

 

What about Qimonda? Are they still opening a new Fab here?

[Shern25]

They will axe the fresh graduates, and keep the experienced ones.

[Albeniz]

Any news about Chartered Semiconductor?

[Speedsun]

Heard from my friend who is in this industry that Intel maybe pulling out from IM, so now may leave only M, not sure how true.

Edited October 11, 2008 by Speedsun

[KapitanE]

Correct!

 

How I know?? As i got mine last month..

 

See that u got yr First Class tic! :) My SQ*G gone soon..

 

I got mine in Dec 31st, 2006 and started in my new seat on 1st Jan 2007, ok, 2nd as 1st was a PH.

 

SQ*G.... too bad,... next time if u ever in airport at same time as me, I guest you in....

[Rainman]

A matter of higher or lower impact...I think medical line will face the least, as always.

 

Thereagain, the bankers who got >10 mths bonuses shuld be able to cushion for quite a while

[Clubace]

You look at those replies on semicond....same.

 

I heard china and india FTs in that company are sent back home.

[Xmenfreak2]

Yup.. some of the company I hear are already doing that bit by bit..Well good news for our local pplz... (So called)