Tan Kong Hwee, executive vice-president of the Economic Development Board (EDB), told TODAY that the aerospace industry employs more than 22,000 people, about 80 per cent of whom are Singapore residents.. Like gambling. knowwhatyouwantinlife SIA’s CEO, Mr Goh Choon Phong told reporters at the sidelines of the the annual meeting of the International Air Transport Association that SIA’s employees are aware of the possible headcount reduction under the process. If you need any of the following, you can submit an early alert to us: Get information on government assistance schemes to support your restructuring exercise. This retrenchment will come into full effect when SilkAir transfers its existing services to Scoot, the budget arm of SIA. Companies in SIA group do not sack due to poor performance. A lot of deadweight built up over the years taking up headcount. The three airlines under SIA Group are SilkAir, Scoot Tigerair and national carrier Singapore Airlines. According to MalaysiaKini , the lay off will involve 111 cabin crew. Share this post. 172 pilots and 50 engineers, and those involved will be notified via email within 24 hours. Do you think SIA will retrench their CC? I want SIA to be one of the best airlines in the world as I like going on vacation. 2,400 employees from across the group’s 20 subsidiaries, including Scoot and SilkAir, failed to make the cut. Due to the massive losses, SIA Group was also forced to retrench 4,300 of its employees in Sep. SIA CEO Goh Choon Phong blamed the pandemic and said, “Having to let go of our valuable and dedicated people is the hardest and most agonizing decision that I have had to make in my 30 years with SIA. Meanwhile, airlines such as Cathay Pacific secured a $5billion bailout package from the Hong Kong government to avoid a “collapse of the company”. It is also not an easy thing to do - predicting future price of fuel. According to its latest annual report, the SIA … Goh Choon Phong said their “immediate focus” is to manage costs and work on transforming the organisation. It is not hedging that caused SIA to need to retrench staff. Star Media Group Berhad (10894D), {{item['V1 Header']}} READ MORE: Singapore Airlines has no plans to retrench staff The commercial aviation industry may not recover anytime soon with the International Air Transport Association forecasting that air travel demand will only return to pre-COVID levels around 2023. SINGAPORE, Sept 15 (The Straits Times/ANN):Retrenched Singapore Airlines (SIA) staff who started receiving their pink slips from Monday (Sept 14) … Retrenched Singapore Airlines staff have been told that they will continue to receive their salaries until Dec 15, - The Straits Times/Asian News Network, Tags / Keywords: ALPA-S, which represents around 1,600 SIA pilots, says the airline should retrench its 120 foreign-based pilots employed by SIA Mauritius before … Last edited by Rayleigh1; 13-09-2020 at 11:51 AM .. Check out our Christmas issue for ideas on gifting and ways to enjoy the festivities to the fullest. “We are not going to let up on the various measures that we have for controlling costs, including staff costs,” Goh told The Straits Times (ST). Popular budget carrier AirAsia has also sought help from banks to fund its operations. SilkAir will also be letting go about 100 of its staff who are based in Indonesia, India, China, Thailand, Malaysia, Laos and Myanmar, over the next 20 months. Non-Taxable Retirement Benefits. They will however continue with cost-cutting measures, in place since the start of the crisis. Otherwise when? 1) if it is better for the company survival and competitiveness, they really should do it. Are employees entitled to paid sick leave while awaiting COVID-19 test results? , The spokesman added that during the exercise, SIA deployed resources from across the company to support the affected staff. SIA Retrench Pilots Citing an oversupply of pilots and slow growth, Singapore Airlines (SIA) will be letting 76 pilots go before the expiry of their fixed-term contracts by June 30 this year. Loyal. SIA AirAsia is looking to reduce their manpower as reports surfaced of the low cost airliner looking to retrench up to 300 of their staff due to the company being badly hit by Covid-19. Compared to the hundreds of layoffs during the 2003 SARS crisis, the scale of … NS for Sinkies, jobs for foreigners. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments. No one could have predicted the devastating impact of Covid-19 on the airlines industry earlier this year, he said, adding that it is still unclear which airline carriers will survive this crisis. The airline also outsourced its information technology work, cutting more than 400 jobs. SIA staff retrenched to receive 1 month's pay for every year of service, capped at 25 months "Retrenchments should generally not result in a reduced proportion of local employees. June 24, 2020. ALPA-S, which represents around 1,600 SIA pilots, says the airline should retrench its 120 foreign-based pilots employed by SIA Mauritius before implementing staff cost-cutting measures. Retrenched SIA Staff Will Allegedly Get Up to 25 Months’ Pay & Also Paid in Lieu of the Notice Period Written By Ashley Seek It’s no secret that the coronavirus has affected lots of businesses. The Straits Times website, our local newspaper, reports that some local A340 pilots may well be retrenched too. SIA also arranged for on-site counsellors and medical staff, and provided transport to and from their homes." Virgin Australia's chief executive Paul Scurrah has sent a note to staff warning another 150 head office jobs were likely to go as state border closures killed the tourism industry. MNCs also retrenching Singapore Airlines (SIA) Group will cut around 4,300 positions across its three airlines as it continues to grapple with the impact of the COVID-19 pandemic, it announced on September 10. THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. The state-controlled flag carrier, Asia's largest airline by market value, has about 1,800 pilots and 6,600 cabin crew. Share to Twitter Share to Facebook Share to Pinterest. Our daily newsletter is FREE and keeps you up-to-date with the world of HR. ... Additionally, SIA has been expanding their cost-containment measures, with the latest being bigger pay cuts for management, additional 10% cut for other staff, and offering early retirement for staff and pilots. , You've reached your limit - Register for free now for unlimited access, To read the full story, just register for free now - GET STARTED HERE. Can employers force staff to take the COVID-19 vaccine? Experts Say SIA Might Retrench More People As 2021 Might Be Worse Than 2020. The pilots were all Captains and employed on expatriate terms. Email This BlogThis! This, while the rest of the aviation sector resort to bailouts and layoffs to contend with mounting losses and debt. Still, that doesn’t mean they won’t get compensated. Surely. , Should just bite the bullet and Retrench 75%. SIA will also waive any outstanding settling-in loan and give them a notice pay-in-lieu, based on the basic salary at the point of departure. 172 pilots and 50 engineers, and those involved will be notified via email within 24 hours. “The pay cuts and (compulsory) no-pay leave will continue.  {{item['V1 Body']}} Anonymous said... "To all the SIA and crew haters, arent you happy now?" Union leaders were also …  {{item['V2 Header']}}. SIA had announced a drastic retrenchment of 9% of their workforce earlier this week. Subscribe to: Post Comments (Atom) Please donate . SIA argues it is losing money ¡V it recorded a loss of S$204 million ($119) for the month of April ¡V and needs to cut costs. SIA a couple of days ago began to retrench pilots from the A340 and A310 fleets. SIA will also waive any outstanding settling-in loan and give them a notice pay-in-lieu, based on the basic salary at the point of departure. 2/3 into November and most of the cases are still imported cases. , SIA argues it is losing money ¡V it recorded a loss of S$204 million ($119) for the month of April ¡V and needs to cut costs. The firm has also recently secured over $10 billion in fresh liquidity through recent rights issue as well as credit lines, including short-term loans with several banks, reported ST. “SIA will remain steadfast and agile during this period of great uncertainty and continue to act nimbly in responding to the evolving market conditions,” Goh said while thanking shareholders and banks for their support. Due to the massive losses, SIA Group was also forced to retrench 4,300 of its employees in Sep. SIA CEO Goh Choon Phong blamed the pandemic and said, “Having to let go of our valuable and dedicated people is the hardest and most agonizing decision that I have had to make in my 30 years with SIA. It’s worth noting that the SIA Engineering Company is also run by Temasek Holdings. ... SIA Wealth Management (SIAWM) is an independent investment management firm founded in 2014 and focused on creating financial wealth for investors by building diversified portfolios through relative strength analysis. An SIA spokesperson told The Straits Times that SilkAir will help the retrenched staff to find other possible placement opportunities within SIA. "To all the SIA and crew haters, arent you happy now?" Latest Articles. The sector has more than 130 companies, including Singapore firms such as ST Engineering Aerospace, SIA Engineering Company and Singapore Aerospace Manufacturing, as well as … 'We are not going to let up on the various measures that we have for controlling costs'. 31/5/20 Post a Comment. Their contracts have been prematurely cancelled a few years early. And on 10 Sept, Singapore Airlines (SIA) had to retrench many employees as well. readers found this article insightful, Copyright © 1995- While many companies that retrench their workers do pay out compensations, it often takes months or even years for the funds to be disbursed. SINGAPORE, June 24 (Reuters) - Singapore Airlines Ltd may retrench 100 pilots and 1,000 cabin crew within a few weeks, in the second round of job cuts after it laid off 414 staff, the Business Times said on Tuesday. Back then, SIA let go 414 staff. Fun Friday: Is Christmas ‘cancelled’ this year. The Singapore Airlines (SIA) Group today announced that it will retrench 414 Singapore-based employees, comprising office staff, airport workers and engineering personnel. SIA Group said in a statement that the retrenchment exercise will be carried out in a “fair and respectful” manner. In these difficult times, try to be nice to one another. Helping Those Retrenched. SINGAPORE, Sept 10 — The Singapore Airlines (SIA) Group announced today that it will be axing about 2,400 workers across SIA, SilkAir and Scoot in Singapore and overseas. Revealed: The one skill HR needs skill to survive 2021. According to MalaysiaKini , the lay off will involve 111 cabin crew. COVID-19 George Yang-November 19, 2020. Retirement benefits are not taxable if they are received from the following tax exempt pension schemes/funds: Government pension schemes under any written law relating to pensions in Singapore (including the Pensions Act, Singapore Armed Forces Act and Parliamentary Pensions Act); and Covid-19 SIA have hedged wrongly in the past. Written By Luna Tee. Retrench Process According to The Straits Times, any retrenched SIA staff will receive one month of pay for every year of service, capping off at 25 months. 0 2,968. READ MORE: How to manage retrenchments with dignity. 13/9/20 , var theDate = new Date(); SINGAPORE, Sept 15 (The Straits Times/ANN):Retrenched Singapore Airlines (SIA) staff who started receiving their pink slips from Monday (Sept 14) … Sinkies as always will be the losers. READ MORE: Singapore Airlines has no plans to retrench staff. View Full Version : Singapore Airlines may retrench 100 pilots. , No comments: Post a Comment. $('#spanCopyright').text(theDate.getFullYear()) “We also have voluntary no-pay leave, and we have actually had a very significant take-up on it.”. ESA is a joint venture between SIA Engineering Company (49%) and Pratt & Whitney (51%). ALPA-S, which represents around 1,600 SIA pilots, says the airline should retrench its 120 foreign-based pilots employed by SIA Mauritius before … Understand how to apply the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment. Benefits June 24, 2020. AirAsia is looking to reduce their manpower as reports surfaced of the low cost airliner looking to retrench up to 300 of their staff due to the company being badly hit by Covid-19. Then when biz pick up, re-hire them and reset their paygrade starting from Day 0. Effects, 67% $(document).ready(function () { Share Singapore Airlines ’s (SIA) CEO said retrenchment is the last thing on their minds right now. Most likely it may retrench about 2,000 to 3,000 of the CC. This, while the rest of the aviation sector resort to bailouts and layoffs to contend with mounting losses and debt. The International Air Transport Association last month said the global airline industry’s debt could rise by 28% to $550 billion this year, which includes $123 billion in financial aid from governments. PM Lee: Singapore to move into 'phase 3' of pandemic. Just to clarify,I dont think one should envy the allowance paid,they deserve it.Blame game now,but some in CC deserve brickbat,its been suspected Corporate behaviour,they will retrench,or any other name to thin the cashflow of billions inputed.Imo normal behaviour,look at other Airlines etc.Only difference,those with bad karma get … Covid-19: All Tengku Ampuan Rahimah Hospital staff to undergo screening soon, says S'gor MB, Pandemic-hit Singapore Airlines launches plane dining and takeaway cabin food, Singapore Airlines seeks liquidity after record loss, Thai actress aiding protests charged with insulting monarchy, 10 new Covid-19 cases in Singapore, one in the community, Trade counsellors abroad told to boost trust in Thai seafood, Nearly 30 per cent of Cambodian migrant workers lose income, All aboard the billionaires' bitcoin bandwagon, India too suspends all flights from UK as concerns grow over new virus strain, World's oldest captive giant panda passes away, PM mulling whether to cancel Thailand's New Year celebrations, Demand for cold storage facilities grows with e-commerce popularity, Philippines to get 30 million doses of India's Novavax vaccine. The lack of certain F&B outlets is noticeable since it’s hard for these shops to remain afloat with dwindling customer bases. ESA is a joint venture between SIA Engineering Company (49%) and Pratt & Whitney (51%). By Chief Editor Sam On Feb 8, 2019. Employers should consider cost-saving measures to manage excess manpower. SIA argues it is losing money ¡V it recorded a loss of S$204 million ($119) for the month of April ¡V and needs to cut costs. Damn great to be a foreigner in Sinkieland. This represents almost 9 per cent of its employees. Stocks Retrench after NASDAQ Record, RBNZ Keeps Gold Climbing. , In a memo to staff, SIA chief executive Goh Choon Phong said it was a “painfully difficult decision” to retrench staff, the toughest one that he has had to make in his 30 years at SIA. Hooray for PAP. In this way, SIA get experienced staff without too much salary cost Sent from there using GAGT Factoring in hiring freezes and early retirements, SIA will be reducing total workforce by 4,300," he said. These people needs to do something else, sooner better than later. Not sure unless COVID goes away. Please complete the form below and click on subscribe for daily newsletters from HRD Asia. Mar 24, 2020 #1 Will it be foreigners first? SIA eventually gave up its ground-handling arm Sats, but kept SIA Engineering which management viewed as part of the group's core business. Virgin Australia is set to retrench another 150 head office staff as continuing state border closures severely hinder its recovery. 24th Jun 2003, 13:40. In a memo to staff, SIA chief executive Goh Choon Phong said it was a “painfully difficult decision” to retrench staff, the toughest one that he has had to make in his 30 years at SIA. Stocks Retrench after NASDAQ Record, RBNZ Keeps Gold Climbing. 50 companies with the best workplace culture, Cathay Pacific secured a $5billion bailout package, first Asian national carrier to file for bankruptcy, As economic crisis looms, employers turn to old cost-cutting methods. Previously on 28 July, it was reported that ESA has retrenched 144 of its employees between 22 and 24 July, but the firm refuted the retrenchment allegations and assured that all its employees were still on its payroll. Things may soon pick up for staff as SIA makes plans to resume flights to several destinations, including Amsterdam, Hong Kong and Melbourne. This move by SIA to invite foreign pilots to make up for the supposed manpower shortfall is puzzling because just 2 years ago, SIA announced that it would be shedding (retrenching or voluntary retirement) 12% of its pilot pool due to the business slowdown and it claimed in 2016 that it still had more than enough pilots than it needed. The last time SIA had to retrench employees was in 2003. SINGAPORE - Singapore Airlines (SIA) has frozen hiring and is considering other measures such as asking staff to go on voluntary no-pay leave, The Straits Times has learnt. Uncle here been a waiter, dish washer, pizza deliverer, cook, courier, ops manager, auxiliary police, security guard, uber driver, private investigator, property agent, recreational divemaster, commercial diver, until now still haven settle down and looking forward to my next adventure. However, they have reportedly made plans to cut about 300 jobs, including pilots, cabin crew and engineers. Eagle Services Asia Pte Ltd, an aircraft Maintenance, Repair and Overhaul (MRO) joint venture between Singapore Airlines (SIA) Engineering Company and … MARKHAM, Ontario, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today provided the following update. At SIA Wealth Management everything we do is based on Relative Strength Analysis. Additionally, SIA staff, including crew members have been offered alternative job openings as well as volunteer opportunities while the bulk of their flights remain grounded. Why I want SIA to retrench? Spread the love. The airline is also working with Scoot and other industry partners to help find alternative work for those affected. Cathay has cut executive salaries and staff are on voluntary unpaid leave – but the company said that job cuts are still possible. SIA focused on recovery, not retrenchment: CEO With Covid-19 wreaking havoc on global air travel, Singapore Airlines chief Goh Choon Phong talks to The Sunday Times in … The past will catch up with them sooner or later. }) Reuters Singapore Air may lay off 1,000 cabin crew-paper SINGAPORE, June 24 (Reuters) - Singapore Airlines Ltd may retrench 100 pilots and 1,000 cabin crew within a few weeks, in the second round of job cuts after it laid off 414 staff, the Business Times said on Tuesday. Karma is not for you to decide. And recently Thai Airways became the first Asian national carrier to file for bankruptcy, with the government agreeing to support a ‘rehabilitation’ and ‘restructuring’ plan. Get help early before deciding to retrench. And do you think they will be hiring anytime soon? Posted by BBQ at 7:55 PM. 4 COVID-19 Cases Today (19 Nov); All Are Imported Again. An SIA Engineering joint venture has been accused by its employees for being overly "radical" with its retrenchment exercises. Singapore SIA GROUP TO RETRENCH 414 STAFF The Singapore Airlines (SIA) Group today announced that it will retrench 414 Singapore-based employees, comprising office staff, airport workers and engineering personnel. Joe Manchin, D-W.Va., and Susan Collins, R-Maine, among others intended to … Goh said that the decision to retrench the employees was based on the expectation that the road to recovery for the company will be “long and fraught with uncertainty”. SIA to retrench staff But..... Thread starter A Singaporean; Start date Mar 24, 2020; A Singaporean Alfrescian. Goh Choon Phong said their “immediate focus” is to manage costs and work on transforming the organisation. A decade later, the challenges facing SIA are more intense and the need to keep a constant eye on costs, critical. Retrenchment should always be the last resort. Wirraway. It’s worth noting that the SIA Engineering Company is also run by Temasek Holdings. SIA has tapped on the government’s Jobs Support Scheme, which offers firms in the hard-hit sector wage support up to 75% for nine months. Singapore Airlines’s (SIA) CEO said retrenchment is the last thing on their minds right now. Hiring? The 414 staff represent 1.5 per cent of the SIA … Share. Newer Post Older Post Home. Has Begun SIA Engineering joint venture allegedly laid off 144 employees in two retrenchment exercises Eagle Services Asia Pte Ltd, an aircraft Maintenance, Repair and Overhaul (MRO) joint venture between Singapore Airlines (SIA) Engineering Company and original equipment manufacturer Pratt & Whitney , reportedly executed two retrenchment exercises within three days, according to Chinese … We do is based on Relative Strength Analysis costs and work on the... Make the cut staff as continuing state border closures severely hinder its recovery will. 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