Trying to find out the retrenchment package offer across affected personnel in Singapore to draw some judgement if it's fair as compared to other countries. Pls help to provide accurate information. Thank you all!
2006-07-27 20:26:24 · 4 answers · asked by airraid77 1 in Politics & Government ➔ Civic Participation
Under the labor laws, retrenchment package is minimum of one (1) month pay for every year of service. It is the discretion of the company or government to give more than the above package such as giving 200 percent of the minimum and it will be good for the employees.
2006-07-27 22:23:12 · answer #1 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
This retrenchment benefit under the "MOM" in Singapore is that should any companies doing restructure or cost cutting,even though the company make money, the company should pay a minimun 1 years of service with 1 month pay and should cap at 25 months regardless of you have 30 years of service. On the other hand, if a lost making company, retrenchment benefit in this case can be less and not more. Further details can obtained from the "union" and "mom".
2006-07-28 05:56:03 · answer #2 · answered by James Louis 5 · 0⤊ 0⤋
Are you sure? Since 2000, Singapore Government is no encouraging retrenchment package! Most jobs now are on contract basic! Don't ever dream of 1 year service = 1 month compensation for retrenchment in Singapore now!
2006-07-28 03:31:55 · answer #3 · answered by Tan D 7 · 0⤊ 0⤋
The link below should help you better understand. It seems to me like it a type of agreement to settle kind of like a barter if you wish. I hope this helps.
2006-07-28 06:19:12 · answer #4 · answered by italliansweety67 5 · 0⤊ 0⤋