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#1

Posted 15 November 2008 - 04:31 PM

Hishercar
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Does this forumer makes sense or is DBS just plain NUTS?



http://forums.asiaon...ead.php?t=15911


I don't understand................got one DBS Managing Director who was retrenched today and newspapers say he got like 20 months salary as retrenchment package is it?

Assuming his Managing Director pay is S$12,000, then 20 months would be S$240,000! And S$12,00 is just a modest estimation on my part.

If that's the case, won't DBS suffer a loss? I mean, the purpose of retrenchment is to save costs, but by paying this guy S$240,000 in advance, what are they thinking?!

DBS lose one-shot S$240,000 (20-months worth of salary) by sacking a staff and he don't even need to work at DBS anymore, and he gets free pay. If they keep him, they will only need to pay him S$12,000 a month and stil get his work contributions and results.

If that's the case, why people can still cry when get retrenched? If it's me, I would be praying to the Heavens and hope my company retrench me ASAP, immediately if possible.

That Managing Director must be laughing all the way to the bank.

He don't even need to work for the rest of his life, assuming he sells his bungalow and buying 4-room flat and car(s), with his savings all these while and that S$240,000 goodie he received from generous DBS.
And there'll be more than enough $$$ leftover for his son's education and daily food and groceries.

What's the rationale of these big fat-*** retrenchment pay? Has these companies gone bonkers after suffering big losses recently?


#2

Posted 15 November 2008 - 04:49 PM

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It is a common practice. They are cutting loses, instead of keeping someone they don't need. For that MD who got retrenched....he will still suffer some loses too...eg. bonuses (can be many months of his salary), health and other benefits, etc...which is a saving for the bank.

Assuming we turn the table around. DBS keep that MD but has nothing for him to do...cos they have less transactions and biz. Will the writer then accuse the bank for paying someone for doing nothing? wink.gif wink.gif wink.gif

Edited by Silver_blade, 15 November 2008 - 04:52 PM.


#3

Posted 15 November 2008 - 05:01 PM

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Haiz..cut also cannot dun cut also cannot.
Really stuck in between left right centre.

My work place also got a clerical whom had joined since 1974.
His pay oredi hit the cap for his level.

Thou times are bad, his werk attitute still sucks..left on the dot and workload are still undone.Dun think he bother abt retrenchment, he is above 55 and kids are all grown up and he work to kill time.

Axe him he happy coz got fat payout, no axed he still can have a job to kill time.

#4

Posted 15 November 2008 - 05:03 PM

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You really don't know how listed companies work...

All retrenchment costs will be lumped into this last quarter's result. You don't have to be a rocket scientist to know that it is going to be Sh IT for Q4 2008. From Q1 2009 onward, they will have a much smaller non-discretionary expenses due to the reduction of headcounts. Hopefully, by end of Q1 2009, they will be able to report a much better result. And that is going to affect their share price...

#5

Posted 15 November 2008 - 05:07 PM

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True...for those who have been working for the co. for donkey years and are old....stay or retrench doesn't make a diff. wink.gif wink.gif

#6

Posted 15 November 2008 - 06:12 PM

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Managing Director should not be $12k only.
otherwise very sad.....

Edited by Throttle2, 15 November 2008 - 06:13 PM.

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#7

Posted 15 November 2008 - 06:50 PM

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If DBS kept the MD for another few years and decide much later to retrench him/her, wont it cost even more?
Alternate tactics to make that person self resign takes time & effort and may not be ethical.

#8

Posted 15 November 2008 - 07:51 PM

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ethical? hahaha.. you sure you live in sg?
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#9

Posted 15 November 2008 - 10:09 PM

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no way...S$12k per mth is not MD level pay....for local banks...no way.....haha...

#10

Posted 15 November 2008 - 10:15 PM

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i think shd be easily $600K .... it's a silver parachute
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#11

Posted 15 November 2008 - 10:49 PM

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That is exactly my point.
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#12

Posted 15 November 2008 - 11:33 PM

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MD's pay easily 30k-50k

#13

Posted 16 November 2008 - 12:44 AM

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Agreed. This is the general pay for an MD. The 12k is the pay of a VP or senior AVP.

#14

Posted 16 November 2008 - 12:51 AM

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Managing Director should not be $12k only.
otherwise very sad.....


It is a local bank, you thought what? Especially when you have hundreds of MDs in there?

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#15

Posted 16 November 2008 - 12:53 AM

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Agreed. This is the general pay for an MD. The 12k is the pay of a VP or senior AVP.


You guys think too highly of local bank's pay package.

Regards,
Disclaimer:
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#16

Posted 16 November 2008 - 01:18 AM

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I work in a local bank... VP level is getting approximately $10-$15k. SVP abt $13k-$20k... Thus MD will be around the region of $20K+.

If it a foreign bank, VP level is already $15K and above...
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#17

Posted 16 November 2008 - 01:23 AM

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laugh.gif laugh.gif titles can be easily created...in my workplace; a VP at HQ can be a MD at our subsidary, a EVP as a ceo in our JV.. laugh.gif but pay is according to their status in HQ with additional package for the extra portfolio thou laugh.gif
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#18

Posted 16 November 2008 - 02:41 PM

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yes, this sounds right.....
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#19

Posted 16 November 2008 - 02:44 PM

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Local bank also cannot be so lao kui mah.

MD of local bank = AVP of foreign bank.....aiyoh, very lao kui....
Targetting to truly retire by 2028
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#20

Posted 16 November 2008 - 02:59 PM

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so u must be one of the ranks listed there ...
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