Series of mass layoffs in recent months
Singapore and Malaysia
The news of huge job cuts by renowned companies have been reported in this month, especially in the financial industry.
Australia and New Zealand Banking Group (ANZ) has laid off up to 50 staff in Singapore a few weeks ago.
CIMB retrenched a dozen Singapore staff in the middle of this month, too.
The news that Resorts World Sentosa(RWS) let go of close to 400 employees was reported last week. RWS explains that its casino sees fewer visitors and it struggles against unprecedented headwinds.
"RWS first offered us a voluntary retrenchment scheme with a package of half a month's salary for every year of service" says the pit manager who was retrenched by RWS.
Although he did not take up that voluntary retrenchment offered in May, he was sacked in this month with a letter on the same day when he received.
After having a chance to discuss with an assistant vice president and HR manager, he managed to get a severance package of S$35,000 for his 6 years of service with RWS.
The slower economy has hit the industries affecting on the cost cut.
The Business Times reported that the Ministry of Manpower (MOM) warned it will cut the work pass privileges of employers who unfairly retrench Singaporeans. New guidelines call for 'responsible' retrenchment.
(MOM: http://www.businesstimes.com.sg/government-economy/new-labour-guidelines-call-for-responsible-retrenchment )