COVID-19: Retrenchments

[Ody_2004]

They are everywhere! omg!

 

[Sdf4786k]

10 hours ago, Ct3833 said:

How were  the applications approved in the first place?  I thought they have 1 is to 3 ratio ? 

........18 firms have foreigners comprising more than half of their PMET workforce.....

well, as you have already read, there is free / easy access

And the list of 127 occupations can be found here:

https://www.onlinecitizenasia.com/2013/03/09/india-singapore-ceca-127-kinds-professionals-year/

Origin of foreign workers is sensitive information?

After writing the article “Population data cannot breakdown because not in our interests?” (Mar 8), I had the nagging feeling that there may be more to the story that “”It may have implications on specific groups or persons or create sensitivities in the countries of origin of those who are working here or those who might have migrated here.

“For example, while we seek to diversify the foreign workers in Singapore, it may not be in our interest to provide a detailed breakdown of the numbers and countries of origin of workers in each industry”.

So, I decided to research further.

For starters, I came across the following article :-

Greater access for Indian professionals?

“More space sought for professionals in Singapore” (Economic Times, Apr 18, 2010), which said “India will seek greater access for its professionals in Singapore in areas such as IT, health, education and finance in the upcoming review of the bilateral agreement between the two countries. The second review of the comprehensive economic cooperation agreement or CECA that was rolled out in 2005 will begin early next month”.

I was rather intrigued by what the above means. So, I continued my search and found the following article :-

India Govt decries CECA violation?

“India Govt decries CECA violation by Singapore” (Business Standard, Feb 17), which said “Those of you planning to make it big in Singapore might be in for a setback. Singapore recently made certain changes to its Employment Pass Framework law to reduce inflow of foreign workers significantly to create more job opportunities for local professionals. The move is expected to impact even those Indians working there at present across various sectors.

The step has irked India as the new law does not give India a preferential treatment incorporated in the Comprehensive Economic Partnership Agreement (CECA) between the two countries, operational since 2005. This stance by the Singapore Government is expected to affect Indians working as middle-level managers, executives and technicians.

Speculations are rife that India might take up the issue with World Trade Organization’s (WTO) dispute settlement body.

According to Indian officials involved in the negotiations, this is a violation of the services trade agreement under CECA. This will also adversely affect Indians who are working there as it might lead to job losses, especially for the middle level workers.

India has submitted a request to Singapore for addressing the matter but has not received a formal communication yet.

Currently, there are about 200,000 non-resident Indians in Singapore working in ITES, financial services and scientific research sectors among others, according to one estimate.”

127 professionals can come for up to a year?

According to the India-Singapore CECA, ” Chapter 9 – Movement of Natural Persons – Article 9.5 – Long-Term Temporary Entry – Professionals – “Each Party shall grant temporary entry and stay

for up to one year or the duration of contract,

whichever is less, to a natural person seeking to engage in a business activity as a professional, or to perform

training functions related to a particular profession, including conducting seminars, if the professional

otherwise complies with immigration measures applicable

to temporary entry, on presentation by the natural

person concerned of:

(a) Proof of nationality of the other Party;

(b) Documentation demonstrating that he or she will be so engaged and describing the purpose of

entry, including the letter of

contract from the party engaging the services of the natural

person in the host Party; and

(c) Documentation demonstrating the attainment of the relevant minimum educational

requirements or alternative credentials.”

A “professional means a natural person of a party who is employed in a specialised occupation as listed in Annex 9A “. (List of 127 Professionals)

Counted in employment passes?

So, what does the above mean – that professionals in the 127 occupations can come to Singapore for up to one year? If its not more than a year, are they counted in any of the normal foreign employment pass categories like the employment passes?

Counted in foreign worker statistics?

Are all of them counted in the annual statistics on the increase in foreign workers, employment passes, etc?

And what are the implications for Singaporeans?

*********

https://www.gov.sg/article/can-firms-hire-indian-professionals-in-singapore-without-valid-work-passes-or-without-adhering-to-fa#:~:text=Does the Comprehensive Economic Cooperation,without a valid work pass.

Does the Comprehensive Economic Cooperation Agreement (CECA) allow firms to hire Indian professionals in Singapore without valid work passes, or without adhering to fair employment guidelines?

The CECA DOES NOT allow firms to hire Indian nationals to work in Singapore without a valid work pass. They will need to meet the prevailing work pass criteria to obtain a valid work pass. Employers must also comply with the requirements under the Fair Consideration Framework and the Tripartite Guidelines on Fair Employment Practices.

What is CECA?

CECA is a comprehensive agreement with India to encourage bilateral cooperation and economic integration between our countries. In addition to expanded tariff concessions and improved rules of origin which give Singapore businesses greater access to India’s market, CECA allows for the movement of four types of business people between Singapore and India. Existing regulations on citizenship, residence and employment will still apply. The agreement entered into force on 1 August 2005.

How has CECA benefited Singapore?

Under CECA, bilateral trade has grown from $16.7 billion in 2005 to S$26.4 billion in 2018. CECA has facilitated the increase in economic interaction between India and Singapore. Our companies’ investments into India has increased from $1.3 billion in 2005 to $48.5 billion in 2017, while India’s investments into Singapore have increased from $1.3 billion in 2005 to $20.2 billion in 2017.

Singapore exporters and investors benefit from the increased business opportunities through enhanced access to the Indian market: their success and expansion enable them to create more good jobs for Singaporeans. Indian investments in Singapore similarly create good jobs for Singaporeans that would otherwise have gone elsewhere.

Locals comprise around 75% of employed PMETs in the sectors covered under the Growth Sectors Initiative.[1] Since CECA was signed in 2005, the total number of local employed PMETs has grown by more than 400,000. Local PMETs have also seen their real wages grown, from 0.6%p.a. before CECA to 1.9% in 2020.

What is the Fair Consideration Framework (FCF)?

The Fair Consideration Framework (FCF) sets out the requirements for all employers in Singapore to consider applicants fairly for job opportunities. Employers should not discriminate candidates based on characteristics that are not related to the job, such as age, gender, nationality or race.

MOM does not tolerate any form of workplace discrimination. In January 2020, MOM strengthened the FCF by raising penalties across the board for all discrimination cases.

Employers that violate the Tripartite Guidelines on Fair Employment Practices will be barred from hiring new foreign workers and renewing existing foreign workers, for a minimum of 12 months up to a maximum of 24 months. Since most work passes last for two to three years, a 24-month ban means that the employer cannot renew up to all of the existing foreign workers, and the employer cannot hire new foreign workers. This means that if employers want to continue their operations here, they would have to hire locals.

MOM will also prosecute employers and key personnel who make false declarations on fair consideration. If convicted, they could face up to 2 years of imprisonment, fined up to $20,000, or both.

Members of the public should report any discriminatory HR practices at this link.

Source: Ministry of Trade & Industry, Ministry of Manpower

+++++

So far, I have not heard of anyone been jail.

I suppose its a big IF - and if they start to jail all 47 , then they will be more inclined to work within the constraints of the guideline.

 

Edited August 14, 2020 by Sdf4786k

[Volvobrick]

I wonder if the 48.5Bn investments sent to India, how much is left? I only read about writing downs and writing offs from invested telecoms to airlines.

So it's double win for them and double loss for Sillypoor. 

[Ct3833]

More to come.

https://www.straitstimes.com/business/banking/abn-amro-to-slash-800-jobs-as-it-exits-corporate-finance-outside-europe

[Throttle2]

6 minutes ago, Ct3833 said:

More to come.

https://www.straitstimes.com/business/banking/abn-amro-to-slash-800-jobs-as-it-exits-corporate-finance-outside-europe

Ok lah 800 outside Europe, by the time it hits SG, maybe only 100 job losses..... no impact no impact.   

😅

[Ct3833]

1 hour ago, Throttle2 said:

Ok lah 800 outside Europe, by the time it hits SG, maybe only 100 job losses..... no impact no impact.   

😅

everything adds up.

[Throttle2]

7 hours ago, Ct3833 said:

everything adds up.

SQ alone will see many lost jobs

very siong

 

[Jamesc]

Computers killed all the jobs in banks.

If you go into a bank and deposit $50 the cost to the bank of this transaction is $1.50.

They have to pay the teller, pay the rent for the branch, pay for light, aircon, electricity, the security guard at the branch, the security company that brings the cash and takes it away, all the managers and the cost of a nice HQ with nice office for the back room staff, all the directors etc

If you go into an atm and deposit $50 the cost to the bank of this transaction is $0.49.

They have to pay the atm machines, the rental and the security company that brings the cash and takes it away.

If you do your banking online the cost to the bank of this transaction is $0.01.

They have to pay for the backend servers.

YOU pay for your computer, your home, your internet, your electricity and your own data entry by keying in the amount you bank in.

For many years we did not need all the middle managers, the many directors, the nice big expensive HQ with the nice decor and all the back end staff.

Because banks were so profitable they didn't cut the middle managers until they needed to. 

 

[Jamesc]

I have inside knowledge of what exactly goes on inside a bank

because I used to be a bank robber when I was younger and fitter.

I thought I was very smart robbing banks and then I realise I was a sucker because

 

 

Edited August 14, 2020 by Jamesc

[Jamesc]

You see its all a risk reward situation.

If I rob a bank I take a risk I might get caught.

But then I learn how to rob a bank and never get caught.

So I am the sucker right?

[Jamesc]

Buy buy buy Australian banks

and you will make a lot of money

bye bye.

See how profitable

 

[Jamesc]

Don't work for a bank buy the bank.

 

[Ghgan]

13 minutes ago, Jamesc said:

I have inside knowledge of what exactly goes on inside a bank

because I used to be a bank robber when I was younger and fitter.

I thought I was very smart robbing banks and then I realise I was a sucker because

 

 

I think you should setup alipay v2, seem $ get suck into alipay like a blackhole, all transactions are in alipay are just a number, payee and receiver money are inside alipay and very difficult to withdraw cold hard cash. Imagine, if everyone embrace alipay v2, bank will not be needed anymore.

[Jamesc]

7 minutes ago, Ghgan said:

I think you should setup alipay v2, seem $ get suck into alipay like a blackhole, all transactions are in alipay are just a number, payee and receiver money are inside alipay and very difficult to withdraw cold hard cash. Imagine, if everyone embrace alipay v2, bank will not be needed anymore.

Nice idea.

But if I setup Jamescpay

I will get crushed by Facebook Libra.

Who doesn't have a Facebook account?

And Facebook has a lot more money than me.

Edited August 14, 2020 by Jamesc

[Kangadrool]

20 hours ago, Throttle2 said:

Lets not see it this way.  NS is actually more than that.

it is a melting pot where Singaporean men get to know each other during their formative years.

aside from the “protection” our young men do learn important lessons and experiences and hopefully they build on that in later years.

 

 

MoD, please give me a non uniform job offer leh.  😁 maybe in corporate comms? Simple 1* rank can already, no need 2 , 3*

 

sounds like a privilege. 🙂

[inlinesix]

Quote

Over 20 tourist souvenir shops in Singapore shut, more to follow amid Covid-19 travel restrictions

https://www.straitstimes.com/singapore/over-20-souvenir-shops-shut-more-to-follow

[13177]

17 minutes ago, inlinesix said:

https://www.straitstimes.com/singapore/over-20-souvenir-shops-shut-more-to-follow

These souvenir shops should closed down to reduce loss and can make a comeback when tourism resume. No point running the shop during this period. 

[inlinesix]

Quote

Braced for rough weather amid Covid-19: Workers worry over jobs and livelihoods

https://www.straitstimes.com/singapore/worries-over-jobs-and-livelihoods