i completely agree. unfortunately, to DBS, everything else but its people matters.

Salary cuts are only workable if the employees are on the whole competent.

But if there are lots of deadwood floating around (which is the case for most companies), job cuts is a good way to get rid of them.

I posted this comment in “keep the economy going” and I will repost it here again.
No one knows when your job will be axe next with the recession kicking in. Expect the unemployment to rise to 5% come 2009-2010. Singapore business front had transformed itself to be the likes of the US business model (hire and fire, “restructuring” to ensure their books appear attractive enough to lure investors and may be the next VC to buy in.

What we are seeing now perhaps is just the tip of the iceberg. Who will be next to follow suit? This replicated US business model (might as well as a majority of those imported “experts” are from the US anyway) has proven its flaws and ruthlessness and advocate non-loyalty in a company. What it mainly serves (besides to please its investors) is to award these executives the golden parachute even in the event the company go bust. The people that will suffer the fate of the axe are generally the middle to lower level of employees. The CEOs of these companies will just make an appearance to put on a show with this form of B-movie dialouge: “it is a very difficult decision to make but in order for the company to operate in a more efficient manner and to protect the vested interest of the investors, we have no choice. Believe me, it really pains me to take this action…(may be sob sob a bid…”. What more can I say.

Sad that our nation had adopted it blindly without seriously considering its long term effect. This vicious cycle will be played out time and again. It will take a catastrophic event to turn back the clock. Wonder when nature will make its call. Sometimes, I really hope this wish of mine will come true. I think this world needs to heal itself and only nature do have the invisible force to enact on it.

So, what’s the point of having the variable component in the salary? I have thought that was to prevent this sort of retrenchment.

Bad governance and poor management plus zero loyalty, cant believe this is south east aisa largest bank amid such bad practices. Other banks i haven really heard them axing staff before end of year. Why do DBS need to be in a hurry? Not only customers (lehman toxic bonds) are unhappy, now they made their staffs unhappy and fearful too. A climate of fear isn’t what the company needs now, as they still sitting on a decent profit for year 2008. Dont know what the hell this management is thinking. In US, Company like citi axed staffs because they are really in a deep shit, unless DBS knows it is in a deep shit too.

“There is a lot of talk about corporate social responsibility (CSR) these days. About how companies should give back to the community they operate in and spruce up their corporate image at the same time. But charity should begin at home. A company’s first social responsibility ought to be to its employees, which depend on it for their living.”

Is this for real? Am I to understand that you are saying companies are charities of which employees are the beneficiary?

I think no job is secure during this tough period. I hope Singaporeans are tough enough to ride out this period especially for those who are neither too skilful or educated. Training remains the only way to finding alternative employment.

I remember I was unemployed for a long 20 months during the 9/11 and Sars period. I went through a very rough patch and nearly lost it. Of course, the event toughened me up but I won’t like to go through similar experiences again. It was pure hell!

There was not much help fron the govt and I felt pretty much alone fighting my own battle with only my family and friends supporting. When I approached the CDC for help, they asked me to go to an interview as a PT cleaner with a monthly salary of $300! They also told me that as I lived in private housing I am not entitled to much assistance. I was not only shocked but flabbergasted and realised that our social welfare engines are really not up to the mark yet.

Trimming staff remains one of the most swift and “profitable” thing a company can do especially if the mid to long term economic horizon remains bleak. The savings can be accumulative as you are talking about a monthly expenditure component in terms of salary and benefits. Of course, people suffered and I hope that they have the financial savings to tide through this period.

I foresee more companies will retrench staff and many will be jobless by early next year. Stats have shown that we will only be out of the global economic crisis by 2010 so we have a good year of turbulence and uncertainty.

Singaporeans need to hang in there and tighten their belt. Long queues at tour agencies for their ususal year end trips need to be discouraged as this is the time to hoard cash regardless of what SM Goh has said to spend more in this bad time to boost the economy.

Recession is harsh and merciless and worse of all it destroys family. Many breadwinners left their family in shame and embarassment as their homes do not have power and their phone lines were cut off. Some were made bankrupt whereas the worse cases ended up in suicide.

I have a call to make here that is to petition the govt for unemployment benefit for our people. All along, they have discouraged the “dole” concept as their policy is that each individual will fend for themsleves regardless. My take is that this is tough time and there is no work available even though one searches very hard out there. We can build $5 billion 5-km long highway and lost another billion in our GIC investment but we can’t provide respect and decency for those Singaporeans who toil daily and help build Singapore in their time of need.

The benefit can be for a limited period subject to scrutiny to prevent abuse. Currently, CDC provides financial aid (between $300-500 a month) but only to those staying in HDB 4-rooms and below. They also limit such aid to secondary four education and below. Those who are either Poly/A level educated or stay in 5-room flat and above have no access to such assistance.

We need new wine to fill up old wineskin so that we are moving on with the time. By holding on so tightly to their principles, the govt has alienated themselves from the people. Many are frustrated from a govt that is detached and hard of hearing. Many I believe are waiting for someone to rise up and lead them the other way. As our current govt so far has being disappointing. If you are in difficulty in this tough time, you are on your own – that is their slogan all along.

The Company decides. All deadwoods have to GO whatever and whenever it is necessary – good times as well as during bad times. It so happens now – bad times and, it invites unnecessary gossips.

In such situation, I would expect the unions to throw their weight behind the employees but …

If only the unions here are not government linked…

Moreover, DBS deserves the 38% loss in their Q3 earnings no doubt. Since DBS is making loss, are Singaporeans’ savings still safe at DBS? DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. Is DBS really a safe place to continue to put your money there?

Are Singaporeans’ savings still safe at DBS? DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. The future of DBS is no doubt shaky. Is DBS really a safe place to continue to put your money there?

I remember reading this Reuters article “A cultural divide? While the West axes jobs, Asia cuts pay” not too long ago. How funny that it does not apply to Singapore…

I’ve had the fair chance of working @ DBS eons ago,that’s not surprising of what most or rather all banks & FIs are capable of,the crux of the matter is its a cut-throat industry,i know the risks involved when i joined the banking industry a few years ago,nothing is certain,change is constant,even your fellow colleagues could make mincemeat out of anyone,cutting corners are a norm,no one else could care less or be bothered what happens to the other party should any problems arise,so far,irony presents in the matter of choices we make.

The world we are living in is definitely not a Matrix,its reality,it bites,what we can do is like Mr Barack Obama is doing now,exuding tremendous grace under fire,we have to look @ other alternatives,there will always be a trade -off,working @ a local or foreign MNC will give us the experience on how corporate life is,take this invaluable experience,i strongly believe we can make it ON OUR OWN,lets help ourselves in hard times,adversity should be our motivator,even as years go by,billion dollar profitable organizations look out for their own interest,my stand on this,earn as much money as you can,gain the experience,build a strong network,try not to make any foes,leave on a high note….its up to us to decide doing the right thing in unforeseen circumstances,for now,i’ll take the quotes from Mr Obama – Yes,We Can!Change Has Come!I’ve made my decision,what about you?

Cheerio
A7X.

That is the way of the capitalist system – Alan Greenspan has said it does not work, but who cares.

It is the same rationale that Euthanesia is supported by Health minister, as well as pushing of Advance Medical directive.

Same too for casino building – there is no social ballast here – GDP growth is everything.

ST indicated that Sands will buiild a bigger gaming area, bigger than was orignially proposed.

Next, GIC will become Government Investment Casino.

Froget about developing Singaporean workers – PM Lee himself stated letting Foreign workers go first is not a simple solution – read again – what does he mean??

We don’t do the simple solution? We kick the expensive Singaporean workers out first?

All symptoms of the same sickness. Money god – bonuses, my performance bonus, GDP health, at the expense of the Singapore electricity tarrifs, expense of the singapore workers, keep the foreign workers…..

Same shit different days,.

loyalty? I lost that part of me when I left my last job which i have work for 15 years (avg 12 hrs a day) and achieved for my company abt 10 millions nett profit and then my bosses lost it in some business and property investments recommended by their friends!

Next moment when business falls and with no capital injection, sales nosedive and then I lost my job!

I definitely became stronger unlike some of my friends in my era who are in the same plight as me completely lost hope. But 1 thing for sure, I will NEVER be loyal to my employer anymore.

In our generation (i m born in the late 60s), we were told to
1)work hard,
2) Don’t ask what your employer can give you, instead ask yourself wht you can give the company/
3) Grow with the company

Please, please for those reading this, Dun ever follow this outdated motto. It is a sure perfect Cocktail to be “screwed” by your employer!

Our commitment to the community

At DBS, we are committed to be a caring and responsible partner in the communities in which we live and work, by making a significant positive impact on improving the quality of life. We believe in helping people to be the best they can be, so that they, in turn, help themselves achieve their goals.

——————————————

The above is DBS’ stated commitment to the community! Do you see the irony?

but walk into any dbs branch, call the hotline, deal with the various people in the various branches

there are a lot of deadweight in dbs

chok tong should have a word with dbs on his belief that in times like this, people or organisations should spend more. axing employees is definitely not spending more. it is just the reverse. how is this going to help the economy and prevent it from going into recession?

and those axed staff would not be able to follow chok tong’s call to spend and spend. so bad.

Here’s something that’s hard to swallow.

DBS making profits and retrenching people have no relation.

Retrenching people is because there’s no more job requirement from DBS’s perspective. So no use holding employees as salary expense. If these people can still make more money for the company than their salary, do you think they will be retrenched?

Commenter “I speak my mind” from 12) spoke of something very real. Never rely on external parties to take care of you. You’re responsible for yourself. Loyalty doesn’t come into the picture.

2) tyron on November 8th, 2008 11.35 pm

:”But if there are lots of deadwood floating around (which is the case for most companies), job cuts is a good way to get rid of them.”

Wonder what is the employment policy of those companies to begin with. For this kind of company, their corporate business planning and governance is also in question. You think about it.

Speaking in the perspective of employees who are genuinely giving their best performance in any career they are in now. Employee contributed their worth in exschange of the agreed renumeration package. I would say the contribution in most cases are more than its worth (example: multi or triple tasking (some without proper training accorded), extra working hours that were tken for granted and not compensated). In some companies that I had come across, the number of hours they put in; this is besides the official working time in the employment contract, as part of the appraisal…etc)

The “hire & fire” business model is largely dependent on demand and supply that sometimes are artificially bolstered. I will cite you an example: look at the current IT industry, how many are really development oriented? SInce the emergence of the Merger & Acquisition tidal in the mid 90s, enterprise business solutions development had became more of a commodity traded between none other than “Venture Capitalist”.

The situation had escalated in early 2000 and it is still going on now. Enhancement and enrichment program of the original creation of those enterprise solutions had all but stopped. Those who had contributed to the development, some may be 10 ~20 years or more of their dedications were asked to go and being replaced with younger or lesser experience peole (if ever there are replacements after each merger or acqusition. In many cases, it is the firing first for one main reason, cost. (but they will cite the socially accepted reasoning~streamlining). They couldn’t give a hoot to quality so to speaks, to achieve the VC’s objective. (VC had one main purpose, re-package the acquire entity and resale within 18 months on avg if possible for a healthy return). So, this is the beginning a vicious cycle that was enacted time and again with each M&A change hand. Mutliply it over the different industries across board and you see the devil at work.

Some can argue, but they are compensated when they were retrenched. What do you expect a person who had dedicated and contributed most part of his/her life to a career (now most likely there is no such word as career, just a job) and are now over their prime years to survive? For the younger ones, the market will be flooded in abundance with similar experienced resources while the market size strunk and the situation made worse with newly graduates out each year. Sure, compete regionally & globally is the message at the end of the day. Be more dilligent and upgrade your skillset.

So when the next round of artificially bolstered supply and demand is at work, the hiring kicks in again but with each of this cycle reactivated the quality is more likely stagnated and the service level if any left with new recruitments will deteriorate. How many companies really give adequate training to existing employees let alone new recruits? How can this kind of model be sustainable when you are limited with such a land mass? Something needs to be done to correct the business workking model.

Dear Gerald,

Thank you for highlighting the RETRENCHMENT exercise by the DEVELOPMENT BANK OF SINGAPORE, in this RECESSION where Singapore is the 1st to go down into RECESSION in ASIA – Complete Disappointment results. I could not find CONFIDENCE living in such bad economic conditions. The next months ahead will be even more scarey and more belts will need to be tightened as we brace ourselves for the inevitable – RESTRUCTURING, more RETRENCHMENTs and Foreign Talents who got retrenched could be coming here to compete for jobs at lower salary.

When economy bad performance , WHO takes DEBIT?
When economy good performance, WHO takes CREDIT?

When economy bad and businesses crying for help to earn more than last year or to stay alive, WHO has to BAIL them out? Who spends and spends so that those companies incompetent or incapable of survival are saved or their CEOs continue to get that fat check and bonus or that new 2009 lambogini?

When economy bad and businesses crying for help , WHO’s BAILs them out once more? Whose SALARY is cut and whose is not?

When companies invest poorly and irresponsibly, who BAILs them out ? Who pays for the HIKEs? WHO is the paymaster?

In a 1st world, where people have to spend on 1st world cost of living, is your salary 1st world? In Real 1st worlds, why are their salaries 1st world?

LETs just give up on voicing up and remain silent from now till eternity and accept all forms of hikes without ever uttering our dissent. Lets trust that we shall retire with money in our ‘banks’ in safe hands. Lets just convince ourselves that IT NEVER HAPPENED. LET us tell ourselves that none of these things affect us so we shall not TALK about it, we shall not mention it to our friends, we shall not think about it and we shall not QUESTION or Demand for Answers and shall not Demand for SOLUTIONs, from now till eternity.

Let us just close our eyes, allow auto pilot and TRUST this plane is not gonna dive. completely no objections. ACCEPT everything that come your way.

Hi TOC,

There has been quite a few suggestions of coordinating a withdrawal from DBS/POSH bank. Would this be considered illegal?

I personally am considering this action not for the sake of spoiling the market but rather to split up my finances.

If this is a sensitive topic, maybe can email me to discuss farther.

Thanks

Hi,

“There is a lot of talk about corporate social responsibility (CSR) these days. About how companies should give back to the community they operate in and spruce up their corporate image at the same time. But charity should begin at home.”

With due respect. I don’t believe you fully realize what you’re advancing as a manner of logic here; I don’t doubt for one moment what you may have forwarded conversationally sounds ‘good’ and even “right”; the only problem is no such economic model as you have just described even exist in the real world, not these days at least.

The only model that I can think of is the moribund communist manifesto.

Surely, you are not proposing ressurecting that model? Or are you?

Let me put it this way. Do I dispute that the utilitarian calculus by which businesses are governed by these days may even present a travesty of moral reasoning? No. Do I even disagree with the idea efforts to deregulate the international economy and promote globalization at every turn and opportunity may even have been the most divisive force of political, economic, social and cultural destabilization the world has known since the great depression? No.

Such questions may very well suggest globalization as a school of thought appears to be coming up against serious philosophical limits. For one it is throwing up dilemmas that have no satisfactory solutions.

But what is needed here is the opposite of the utopian fantasy which you have advanced. As it’s conceivable, the magnitude of the generosity which you may wish to impose on firms may even be so broad minded that their brains are spilling out.

As what you are proposing can only be brought about IF government steps into the picture. Now you understand how communism came about? Because I can assure you firms will never ever have a change of heart; why should they? All their metrics and key performance indicators are geared only to one organizing definition: maximizing shareholder value. Good will may feature, but in the greater scheme of things, it’s usually dispensable.

Besides you make too much capital of good will – marketing history has demonstrated, it’s possible to buy into a well regulated mercenary market of PR specialist to erase the melancholy sense of yesteryear’s bad memories and to replace with only the sweetest of reposes.

It’s impossible.

http://www.youtube.com/watch?v=J-vPWsHwZ90&feature=related

SD (Internet Liaison Officer of the Brotherhood)

what is new for dbs
it stands for
Don’t Bank on us for Security
Don’t Bank on us for Sound of Mind
Don’t Bank on us for Sanity
Don’t Bank here u get Screwed

6) inspir3d

“Am I to understand that you are saying companies are charities of which employees are the beneficiary?”

I didn’t say companies are charities. But I think a GREAT company will see it as one of its missions to take care of its staff, even if it doesn’t immediately profit the company. A good company only thinks of immediate profits.

7) Gilbert Goh Keow Wah

I completely agree about unemployment insurance. In fact I’ve been co-authoring a paper on this. Would you mind emailing me at gerald.giam at gmail dot com? I’d like to learn more about your experience at the CDC too.

11) Donaldson Tan

Thanks for that link. You should know that our govt and GLCs operate with Confucian style paternalism, with Western style ruthlessness. Best of both worlds for the management, worst of both worlds for employees.

22) singaporedaddy

What I’m proposing has nothing to do with Communism. It’s not even about socialism or govt intervention. I’m proposing that profitable corporations act with a bit more human decency and compassion; putting people before profits. Is that too much to ask?

I guess the summer of discontentment will carry on for the next few months in our country giving seed to alot of protests.

In a way, this is also good news for agitatorsso that they can bring their message to the govt. If they do ok, people will be silent and submissive.

Nevertheless, no govt can please all their people and there is no perfect govt. Policies will work for one group but not the other. They can only hope that in the long run, the people will see the merit of their policies.

This is a worldwide recession and one that will hurt alot of people. No one will be spared especially the rich who has lost much during this period. The average people will be ok if they can hold on to their job.

Already, another democratic country – NZ has voted in another party to form a new govt. It seems that during such bad times, people want to have a change of govt. I don’t know which country’s govt will fall next? Certainly not ours…

Hey Gerald,

I like your thoughts about the situation, on how companies should exercise more compassion..

However, I think its prudent for us for us to have a limited take on this doctrine of “coporate social responsibility”. From what I see, its every individual’s responsibility to prepare for times like these. Essentiallly, it’s the company’s prerogative to hire and fire.

There has to be a definite limit to the “corporate social responsibility” as suggested.

Your choice..
Capitalism or Socialism.

Hi 2.39 pm

“I’m proposing that profitable corporations act with a bit more human decency and compassion; putting people before profits. Is that too much to ask?”

Consider this. What is the free market economy? Before you answer this question, always remember we aren’t really talking about an all weather purveyor of the good life like German airbags or a Mercedes that comes with the assurance of quality, reliability and safety; it’s a bit like New York City on a Sunday afternoon at half past three.

Somewhere in the Big Apple; a Rockerfeller may have just clinched the biggest deal of the century; another Bill Gates may have just put the finishing touches to the machine that will change the world; the great American novel may even have been born in between the space of two lamppost when someone decides to put his writing instrument to paper.

Only remember this! There is “good” and “bad.” Somewhere within that same timeline; someone is also getting frisked and if he doesn’t hand over his wallet, he buys a bullet in the belly; some factory worker who has worked all his life is watching his retirement fund go south on TV and all he has is $20 in his pocket; another guy who sells vacuum cleaners is just relaxing for a flight; suddenly the stewardess a bunch of fundamentalist has just hijacked his ride. He looks out of the window and its barreling straight to the twin towers.

Do you understand? So when we talk about the free market economy, it’s essentially a dynamic dichotomy of “good” and “bad.” At the end of the day that is just what the free market is – anyone who tells you different, just doesn’t know what he is talking about. But despite, it’s malevolence and capacity to regularly throw up insistent demands challenging our sense and sensibilities as to what we consider – good and worthy – don’t ever imagine for even one moment; that to make the free market hum and drum to regularly produce many of the goodies; we don’t need to tolerate the “bad” as well.

At the end of day when we square off the accounts; providing “good” wins over “bad” 7 out of 10 tens; that’s what I and most firms usually call a good business proposition.

That’s as good as it gets. I am sorry, if I may have shattered your illusion; it’s a Sunday afternoon after all – but that’s the free market. I guess….

SD

MM Lee was so damn proud when there was a time when DBS shares shot up to around $35.00 per share. He proudly said at that time something like that, “well thats the value of DBS….if not the market would not have valued it at that”

What has happened now if DBS was really so highly valued???

Of course unfortunately these are not well recorded and not well propagated widely among the multitudes who respected him. Sad, very sad indeed.

To me old man is an old man la – no sage !!!

Come on, let’s be realistic here. We know all these BS about “talent management”, ‘human capital development”, “social and community development” and “sustainability” are all a bunch of PR crab. Of all the senior management staff that I have meet in my banking and consulting career, NONE are really interested in people. They run a business not a charity. Shareholders and their Board pay and determine their salaries. They need to show profitable numbers to buy the next landed property and the next Benz. Please lah..wake up.

I dont blame the banks for laying off people as business is really bad out there especially for the loan business.

Banks rely alot on companies and individuals who borrow so that they can earn interest out of them. It is good business considering that they only provide less than 0.5% interest on our savings. In fact, I am not surprised that they rely at least 2/3 of their profitable business on providing loans to the market. They will be hit hard in this global crisis. Bad debts will also increase as people default on mortgage loans and credit cards debt.

When the economy nosedives, banks do little of such loan business and staff are make redundant. There are at least 200-300 RMs in DBS Consumer Banking alone and having fail to answer appropriately to their failed minibond products, they have difficulty getting in any new business. I am afraid out of the 900 staff been laid off, at least half may be from the RMs and backroom-related staff.

The first bite of the global crisis came from DBS and it is regrettable but expected. Banks do not owe employees a living and worse of all we have no social welfare safety net despite having gone through several economic crises ourselves.

I remembered during the Sars period, many unemployed petitioned for the govt to relase a portion of their CPF savings to tide through the difficult period. The govt refused and this time round I don’t think they have any concrete plan yet to help the unemployed besides advocating for them to go for retraining to seek alternative employment. Such a facility though admirable may only be suitable for those who are fit for those employment. The healthcare industry has alot of vacancies but not all people are suitable for such positions due to various reasons. Many I knew took up cab driving during the Sars period as they have to make ends met even though it was a steep drop for them both in terms of income and position. Many have a degree but could not get anything viable going during that dark period.

I knew a friend whose husband committed suicide when he was laid off. He was a professional and the shame and stigma of facing unemployment for a prolonged period took a toil on his physical and psychological health. He left behind a wife and two young kids.

Let us hope that we can pull through this dark period together. Joblessness not only affects the pocket but also the mind as well. I knew this well enough as I was unemployed for 20 months during the SARS period.

I really don’t believe for one moment the solution lies with govt. For that idea to really take off, govt has to demonstrate they are able to successfully grow and run businesses themselves; but if you look at their track record, it’s abysmal.

Take the ST for example, despite being a monopoly, you would have thought its impossible to lose a one horse race. Even so they managed to do the impossible – ST is languishing; and it owners seem stricken by an utter failure of entrepreneurial imagination needed to prosper in the electronic age – and you want to increase the price of the rag by a further 10 cents – I say, you go and die lah – you could just as well superimpose this on Science Park , Suzhou and probably a handful of govt initiatives that are really going around in circles – my point is; if you look to govt as the solution; you’re a dead ducky.

Having said what I think gahmen should really consider doing is releasing much needed capital to ordinary folk like myself who genuinely want to start businesses and be my own boss like Darkness.

People like Darkness are not affected by this downturn. Infact, they’re gobbling up businesses in the US and EU at rock bottom prices!

I mean what’s the point of giving it to me, when I am 90 sitting in a wheelchair with tubes sticking out of my nose? I don’t need it then. I am young now and I am good to go; all I need is a tank of gas and off I go as I will be retrenched very soon. Besides, its my money, I worked for it – currently, my only option is the local Ah Long because banks themselves these days seem to be suffering from a credit squeeze. That’s no good.

Never mind, if it cuts to the marrow, I will go Dubai or Russia, but one thing is clear from this point onwards – I am not looking towards gahmen, if they don’t squeeze me more with dummy 22% electricity tariffs, that even agent Molder and Scully of X files cannot explain, I am happy already.

It’s everyman for himself.

SD (Internet Liaison of the Brotherhood)

[...] article was first published on The Online Citizen. [...]

The Senior Management and the Board should be fired…..what is Ho Ching as CEO of Temasek, the majority owner of DBS got to say?

新 斩 银 行

How about Civil Services? Should they not be cutting cost too? Why not all Civil Services across the board cut 10% of their staff before end of this year?

Some people in civil service haven’t even got their promised pay increment from few years back and already being asked to cut back? lol.

37) lim on November 10th, 2008 10.58 am

Do you have numbers to correct our misunderstanding. On the different categories especially.

Many are of the impression theirs is a “iron-rice’ bowl comes rain or shine. Perhaps, we have mistakenly extend our views on the ‘highly-paid” leaders to those lower-rank-and-file personnel.

Concrete figures will be good. Care to provide any lim. Just tabular broad scale categories will do.

Waah Singaporedadi. You mean you r going to be retrenched soon!!!!!!!!! Sorry to hear that, but I think your view of the govt is too pessimistic. And your take on businesses too hard. I am not saying its not true, but I dont think some people will buy it, as they need to believe in the idea. A firm is just not out to make $.You know what I just read today, Tharma is focussing on helping out businesses. That should be right down your street. Dont be so anti govt. I think we are generally doing ok, when compared to Myanmar, Angola etc

It is sad to see the start of massive job layoffs again. I was a “victim” before and can share some experience with netizens. You can also learn a thing or two from Hong Kongers – their admirable resilence and self reliance in difficult times are qualities that when you dig deep- you find that you have them too; perhaps it is in the genes.
Do any job (ask around) that come along even if you are not used to or trained in it – you will be suprised as to how adapable the human human can be when you are mentally prepared and will yourself to survive economically. Cling on to a lifeline – the bad times do not last forever, and perhaps soon you can enjoy “MM’s golden era for Singapore”.

As for Singapore -its retrenchment exercises can be wierd timings – happening in recession and economic crisis and the realreasons for it can be to trim “excess staff ” of previous regimes; sometimes it may also be deliberately done by a new CEO trying to impress his board of directors with his bottom line achievables. There is really no one reason for job layoff and retrenchment.

Between the “devil “( retrenchment ) and the “deep sea “( investing into unknowns) it is the “devil” time now and it is co-inciding with our economic woes!
Previously it was ” deep sea ” time – investing heavily into banks in China (SAR); and the two activities – investing & retrenchment can actually be related in begining & end episodes.

Of course, no one can predict the future as accurately as one wants to – otherwise MM would not utter about Singapore’s golden era so soon.

And of course in retrenchment – one can see exactly what is going to happen next- how many more jobless, re-training programmes, workfares (WDA), etc . It is unlike the Temasek investment efforts in Merill Lynch- where one morning the investment officers woke up to it being disappearing into BOA, and now without doing the a,b & c of investment into child learning in Australia, is finding out that ABC Australia is also fast disappearing ( for that matter SQ’s investment in ANZ also disappeared ).
Citizens cannot choose ” the devil” (retrenchments) or the “deep sea” (investing into uknowns) but they cannot like investments disappear so fast over time – so fight back with will & determination, hang on and you can become stronger & dignified, and you may even decline the Government handouts if they do actually come by next year.

Best Wishes.

Never mind, if it cuts to the marrow, I will go Dubai or Russia, but one thing is clear from this point onwards – I am not looking towards gahmen, if they don’t squeeze me more with dummy 22% electricity tariffs, that even agent Molder and Scully of X files cannot explain, I am happy already.

It’s everyman for himself. – singaporedaddy (#32)

Your attitude that it is every man for himself is what that makes everyone so dependent on government handout. We, the citizens, need to build self-reliance capacity at the community level, so even when government does not want to give handout, we can still depend on each other to tide through the hard times. We cannot continue to be bullied and remain so dependent on government policies. We need to be more resilient.

41) Donaldson Tan on November 10th, 2008 4.14 pm
Your attitude that it is every man for himself is what that makes everyone so dependent on government handout. We, the citizens, need to build self-reliance capacity at the community level, so even when government does not want to give handout, we can still depend on each other to tide through the hard times. We cannot continue to be bullied and remain so dependent on government policies. We need to be more resilient.

Hi Donaldson, while i agree tat we shouldn’t always depend on gov to give handouts but if we citizens are totally self reliant, then wat r they for?

While i agree tat we should do something about the situation such tat in times of need, we won’t be so jia lat, but at the same time, we should do something about the fact tat we aren’t getting any help? Wat i’m trying to say is tat, we should work toward a more Pro Citizen Nation…

Thus i agree with u, remeber the topic on the Independent Committee to work with EMA?
At the same time, i also feel tat we should work on another direction which is to improve the current system.

Let’s work for a better SG. =D

I agree with singaporedaddy that the solution does not lie with the govt. This govt has a “I-feel-so-rich-looking-at-my-cpf-statement-mentality” that solutions to any problem is so hard to come by these days.

What this govt can do, at least, is to listen to people like Observer (SG-HK) & Donaldson Tan and take up some of the suggestions put across to them.

At least do the easy job of listening and act accordingly. What can be so difficult?

Hi Donaldson, while i agree tat we shouldn’t always depend on gov to give handouts but if we citizens are totally self reliant, then wat r they for? – Daniel Ling (#42)

The ugly truth is that governments do not necessary exist for handouts. Living in Singapore is a proof of that. In fact, the government’s job is to provide public goods and services. Any time more than providing the public goods and services is optional, depending on the choice of the government of the day. Most importantly, if we are more self-reliant, the government will have to play a more active role in wooing our support.

Public goods and services include:
1. Military Security (e.g. Singapore Armed Force)
2. Law & Order (The Judiciary, The Courts, The Police Force)
3. Public Health & Hygiene (eg. vaccination)
4. Environmental Regulation (e.g. Clean Air)
5. Finance Policy (e.g. overseeing S$ FOREX rates)
6. Education
7. Economic Policy (e.g. attracting investment and creating jobs)
8. Foreign Affairs (e.g. building good relations with other countries for mutual benefits)

44) Donaldson Tan

I agree with you even though it contradicts against my moderate socialist (note: not communist) leanings. “That government is best which governs least” (Paine or Jefferson).

We should develop this thinking more.

In fact, I have seen writings that suggest even education should be out of the govt’s hands. Although I don’t fully subscribe to that, I’m not going to let our schools get in the way of my daughter’s education.

I salute our govt’s determination not to walk the path of welfarism.

Seeing how Australia struggles to stay float with so many welfare benefits make me shudder. People have no sense of hard work and as many as half a million people are on the dole at any one time even during the booming years.

Though welfare payout is a paltry $220 a week, many chose not to work but of course some take on secret PT work so that they get to enjoy the dole hand out as well. Minimum wage here is around $550 a week even if you throw rubbish or sweep the floor. If one works in a supermaket as a temp he can earn around $15.00 an hour. Fruit picking is even more lucrative with some farms paying close to $20.00 an hour.

Though I am against welfarism which destroys the hard work enthics in us, we may have to slowly introduce unemployment benefit to our society. I know most developed countries have such payout and it could be costly to the taxpayer. Some may even be hooked on the dole and preferred that to work as who really wants to work for a living in Singapore? The long hours and miserable pay are big deterrances.

The govt can implement a hybrid version of paying unemployment benefit so that the unemployed will not be hooked and the payout may be subjected to conditions such as a fixed period of payout (max 6 mths) and proper job search conditions attached. CDCs currently provide some form of unemployment benefit but subject to very stringent pre-conditions so much so that some may not even want to apply for it. I think I have written more on this in one of my comment earlier in this link.

why they can retrench these people ? because the employment laws offer these people no protection ! the union do not want to fight for them because they are not or cannot be bargainable union member (because of job type or salary level). do you know that even communist countries like China & Vietnam have better employment laws to protect their citizens.

simply put, most workers (except for those unionised/bargainable)in singapore have no right. they are kick around like a ball. i think the gahmen is unaware of this. even our maids/foreign workers have more rights than us.

[...] Posted by Gerald Giam under Uncategorized   A week after I wrote an article for The Online Citizen about the DBS retrenchments opining that “a company’s first social [...]

why they can retrench these people ? because the employment laws offer these people no protection ! the union do not want to fight for them because they are not or cannot be bargainable union member (because of job type or salary level) – dodo (#72)

The 1972 amendment to the Industrial Relations Act allows companies to retrench workers without consultations to trade unions. Lee Kuan Yew was behind this amendment. Even NTUC then voiced out a lot of resentment against Lee Kuan Yew.