DFS Retrenchment

[Jusnel]

2 hours ago, Wt_know said:

i saw last night news reported got a few has worked for > 40 years .... that's 80 months severance pay?

 

Got cap.  no 80 months.  Cap at 26 weeks' pay.

"The retrenched workers would receive two weeks' salary for each year of service, capped at 13 years or the equivalent of 26 weeks' pay. They could either serve out their notice period or be paid in lieu of notice." 

Read more at https://www.channelnewsasia.com/news/singapore/dfs-offers-better-severance-employees-still-critical-11963096

[Sdf4786k]

2 hours ago, Kusje said:

Huh. 26 weeks is 6.5 mths salary. Why not right?

Severence is to tide you over till you get your next job. Not for you to retire on it.

depends on what the main aim was.

If the main aim was to have company loyalty and stick to the company thru thick and thin, then like husband and wife, divorce should be 50% split with child custody.... at least thats the usual school of thot, than 1 year one month... even like HP and apple, once upon a time is 1 year 1.5 month, Intel is one year 2 months IF you stay till the company wind down.

If the idea is to reap the most benefit and earn as much as possible by the company and the idea is no one owes you a living, you should be thankful that we give you a job, then yes, 26 weeks is an equitable payout, because everyone who is not qualified is dying to apply for a job there.

 

Edited October 3, 2019 by Sdf4786k

[Ichibawa]

Severance package will need to be according to MOM's guideline and our gov doesn't really give a hoot about employees well being. 

[Soya]

4 hours ago, Wt_know said:

i saw last night news reported got a few has worked for > 40 years .... that's 80 months severance pay?

Wah sei....liddat can be like sifu go buy GLC after retrenched. Coe sure up liao

 

[Kusje]

1 hour ago, Ichibawa said:

Severance package will need to be according to MOM's guideline and our gov doesn't really give a hoot about employees well being. 

MOM guideline is no need for severance pay.

[Kusje]

1 hour ago, Sdf4786k said:

depends on what the main aim was.

If the main aim was to have company loyalty and stick to the company thru thick and thin, then like husband and wife, divorce should be 50% split with child custody.... at least thats the usual school of thot, than 1 year one month... even like HP and apple, once upon a time is 1 year 1.5 month, Intel is one year 2 months IF you stay till the company wind down.

If the idea is to reap the most benefit and earn as much as possible by the company and the idea is no one owes you a living, you should be thankful that we give you a job, then yes, 26 weeks is an equitable payout, because everyone who is not qualified is dying to apply for a job there.

 

Which company is willing to pay for staff loyalty these days?

Companies I know are willing to pay 20-30% higher to attract outside talent but not willing to pay 20% more to retain good employees. That leads to a game of musical chairs lor.

[Ichibawa]

6 minutes ago, Kusje said:

MOM guideline is no need for severance pay.

True only if the company involved is able to proved that they are in the red. Otherwise a token of appreciation is expected.

[Kusje]

23 minutes ago, Ichibawa said:

True only if the company involved is able to proved that they are in the red. Otherwise a token of appreciation is expected.

Are we talking about the MOM requirements?

And what is a token of appreciation? If it doesn't specify then $1 will do. $1 in essence means nothing.

Edited October 3, 2019 by Kusje

[Victor68]

You are lucky if the company chose to use the term 'retrenchment '. The MOM guide and it is just a guide is 2 weeks per year of service max at 26. So, it is 52 weeks pay (13 months) max if they follow this guideline and you worked more than 26 years.  

I think for those from DFS, they are considered very lucky. How many didn't get anything and gone unreported? To change this, we need to look at how unions work here.

[Kusje]

5 minutes ago, Victor68 said:

You are lucky if the company chose to use the term 'retrenchment '. The MOM guide and it is just a guide is 2 weeks per year of service max at 26. So, it is 52 weeks pay (13 months) max if they follow this guideline and you worked more than 26 years.  

I think for those from DFS, they are considered very lucky. How many didn't get anything and gone unreported? To change this, we need to look at how unions work here.

There are no unions in Singapore.

We have a supermarket.

[RogerNg_185295]

4 hours ago, Jman888 said:

for those who work there for 40 years is as good as retire liao.

But these people may not have finish paying off their housing and car loans. 

[RogerNg_185295]

13 minutes ago, Kusje said:

There are no unions in Singapore.

We have a supermarket.

That one quite useless one. 

[Ash2017]

may be someone wants to ask my kaki, GCT, he said, if no retrenchment he is worried.

[Throttle2]

5 hours ago, Wt_know said:

it's good to be jobless  .... hearsay, 1 month sell 1 rolex to tie over ... 

No hearsay. confirm.  

You like? You try lah....

Muayhahaha

[Throttle2]

2 hours ago, Soya said:

Wah sei....liddat can be like sifu go buy GLC after retrenched. Coe sure up liao

 

 

Must check with the Sifu

Sifu @enye

[Hydrocarbon]

42 minutes ago, Kusje said:

There are no unions in Singapore.

We have a supermarket.

You mean... you mean.. the National Trades Union Congress is just in name only? I'd never!

Next you'll be telling me that GST helps the lower income.. Or that I only need small space for sex..

 

The last one definitely cannot.. I'm fat

[mersaylee]

49 minutes ago, RogerNg_185295 said:

That one quite useless one. 

Not really leh. Buy veggie can also 顺便 buy taiyah or vice versa nowadays. They are so forward with their biz model. 

[Spring]

1 hour ago, Victor68 said:

You are lucky if the company chose to use the term 'retrenchment '. The MOM guide and it is just a guide is 2 weeks per year of service max at 26. So, it is 52 weeks pay (13 months) max if they follow this guideline and you worked more than 26 years.  

I think for those from DFS, they are considered very lucky. How many didn't get anything and gone unreported? To change this, we need to look at how unions work here.

MOM doesn't have a law on compulsory retrenchment benefits that's the trouble hence in theory, an employer can retrench a staff without the need to pay retrenchment benefits at all. Only notice period (normally 1-3 mths) and unconsumed leave is payable.

I understand MOM does this to make our employment landscape more palatable and employer friendly. I don't quite agree but this is what is happening. On their part, they use unions, agreements etc to arm twist employers to pay retrenched staff and by and large, most do even if its not legally required to do so. This is what MOM prides itself as being govt-employers-employees trusting collaboration for the good of all. I can see where the authorities are coming from but  I'm not sure if this kind of handshake trust and collaboration is the answer as our working landscape changes. Think it's time for law to be enforced but the price to pay is that we might be less attractive to do business in? As it is, our work force is already being challenged as automation and outsourcing is slowly becoming the norm, food for thought?