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SINGAPORE, Sept 15 (The Straits Times/ANN):Retrenched Singapore Airlines (SIA) staff who started receiving their pink slips from Monday (Sept 14) … 2/3 into November and most of the cases are still imported cases. 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. Newer Post Older Post Home. Karma is not for you to decide. 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. ESA is a joint venture between SIA Engineering Company (49%) and Pratt & Whitney (51%). MNCs also retrenching “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). 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 … SIA 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. 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. readers found this article insightful, Copyright © 1995- Process 4 COVID-19 Cases Today (19 Nov); All Are Imported Again. Revealed: The one skill HR needs skill to survive 2021. Mar 24, 2020 #1 Will it be foreigners first? 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: 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 … This represents almost 9 per cent of its employees. 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. Mr Goh said that SIA is working with Singapore-based unions to finalise the arrangements for affected staff and to minimise stress and anxiety for them. Damn great to be a foreigner in Sinkieland. 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. 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 … 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. Hooray for PAP. The three airlines under SIA Group are SilkAir, Scoot Tigerair and national carrier Singapore Airlines. SIA Retrench Pilots In 2016 Due To Oversupply But Now Invites Indian Vistara Pilots To Fly For SIA To Meet “Manpower Needs”? 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. Singapore Airlines’s (SIA) CEO said retrenchment is the last thing on their minds right now. Do you think SIA will retrench their CC? This, while the rest of the aviation sector resort to bailouts and layoffs to contend with mounting losses and debt. The Straits Times website, our local newspaper, reports that some local A340 pilots may well be retrenched too. An SIA Engineering joint venture has been accused by its employees for being overly "radical" with its retrenchment exercises. 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. 31/5/20 Post a Comment. Spread the love. Get help early before deciding to retrench. Non-Taxable Retirement Benefits. At SIA Wealth Management everything we do is based on Relative Strength Analysis. 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. Still, that doesn’t mean they won’t get compensated. Anonymous said... "To all the SIA and crew haters, arent you happy now?" In these difficult times, try to be nice to one another. 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. Otherwise when? Should just bite the bullet and Retrench 75%. "To all the SIA and crew haters, arent you happy now?" Cathay has cut executive salaries and staff are on voluntary unpaid leave – but the company said that job cuts are still possible. SIA to retrench staff But..... Thread starter A Singaporean; Start date Mar 24, 2020; A Singaporean Alfrescian. 0 2,968. And do you think they will be hiring anytime soon? 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. Stocks Retrench after NASDAQ Record, RBNZ Keeps Gold Climbing. 13/9/20 $(document).ready(function () { Surely. By Chief Editor Sam On Feb 8, 2019. Their contracts have been prematurely cancelled a few years early. COVID-19 George Yang-November 19, 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. SIA eventually gave up its ground-handling arm Sats, but kept SIA Engineering which management viewed as part of the group's core business. ESA is a joint venture between SIA Engineering Company (49%) and Pratt & Whitney (51%). SIA have hedged wrongly in the past. According to its latest annual report, the SIA … The lack of certain F&B outlets is noticeable since it’s hard for these shops to remain afloat with dwindling customer bases. It is not hedging that caused SIA to need to retrench staff. “The pay cuts and (compulsory) no-pay leave will continue. THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Retrench 2,400 employees from across the group’s 20 subsidiaries, including Scoot and SilkAir, failed to make the cut. 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. 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”. 1) if it is better for the company survival and competitiveness, they really should do it. Understand how to apply the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment.  {{item['V1 Body']}} According to MalaysiaKini , the lay off will involve 111 cabin crew. 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. This retrenchment will come into full effect when SilkAir transfers its existing services to Scoot, the budget arm of SIA. 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. 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. However, they have reportedly made plans to cut about 300 jobs, including pilots, cabin crew and engineers. ALPA-S, which represents around 1,600 SIA pilots, says the airline should retrench its 120 foreign-based pilots employed by SIA Mauritius before … Why I want SIA to retrench? Virgin Australia is set to retrench another 150 head office staff as continuing state border closures severely hinder its recovery. According to MalaysiaKini , the lay off will involve 111 cabin crew. 172 pilots and 50 engineers, and those involved will be notified via email within 24 hours. Goh Choon Phong said their “immediate focus” is to manage costs and work on transforming the organisation. SIA had announced a drastic retrenchment of 9% of their workforce earlier this week. These people needs to do something else, sooner better than later. Union leaders were also … 172 pilots and 50 engineers, and those involved will be notified via email within 24 hours. 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. No comments: Post a Comment.  {{item['V2 Header']}}. 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. Stocks Retrench after NASDAQ Record, RBNZ Keeps Gold Climbing. Mr Goh said that SIA is working with Singapore-based unions to finalise the arrangements for affected staff and to minimise stress and anxiety for them. MARKHAM, Ontario, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today provided the following update. Latest Articles. The airline is also working with Scoot and other industry partners to help find alternative work for those affected. Retrenchment should always be the last resort. Share this post. READ MORE: How to manage retrenchments with dignity. A lot of deadweight built up over the years taking up headcount. Factoring in hiring freezes and early retirements, SIA will be reducing total workforce by 4,300," he said. The pilots were all Captains and employed on expatriate terms. The Democrat embraced a $908 billion approach from moderate Sens. knowwhatyouwantinlife An SIA spokesperson told The Straits Times that SilkAir will help the retrenched staff to find other possible placement opportunities within SIA. Posted by BBQ at 7:55 PM. 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. Loyal. Then when biz pick up, re-hire them and reset their paygrade starting from Day 0. 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. Not sure unless COVID goes away. Most likely it may retrench about 2,000 to 3,000 of the CC. The spokesman added that during the exercise, SIA deployed resources from across the company to support the affected staff. Eagle Services Asia Pte Ltd, an aircraft Maintenance, Repair and Overhaul (MRO) joint venture between Singapore Airlines (SIA) Engineering Company and … , Last edited by Rayleigh1; 13-09-2020 at 11:51 AM .. Goh Choon Phong said their “immediate focus” is to manage costs and work on transforming the organisation. Share to Twitter Share to Facebook Share to Pinterest. Employers should consider cost-saving measures to manage excess manpower. Helping Those Retrenched. , 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. ALPA-S, which represents around 1,600 SIA pilots, says the airline should retrench its 120 foreign-based pilots employed by SIA Mauritius before … , The state-controlled flag carrier, Asia's largest airline by market value, has about 1,800 pilots and 6,600 cabin crew. Has Begun ... 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. June 24, 2020. And on 10 Sept, Singapore Airlines (SIA) had to retrench many employees as well. SINGAPORE, Sept 15 (The Straits Times/ANN):Retrenched Singapore Airlines (SIA) staff who started receiving their pink slips from Monday (Sept 14) … 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. 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. View Full Version : Singapore Airlines may retrench 100 pilots. ... 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. Please complete the form below and click on subscribe for daily newsletters from HRD Asia. 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. 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. Things may soon pick up for staff as SIA makes plans to resume flights to several destinations, including Amsterdam, Hong Kong and Melbourne. $('#spanCopyright').text(theDate.getFullYear()) Popular budget carrier AirAsia has also sought help from banks to fund its operations. Written By Luna Tee. NS for Sinkies, jobs for foreigners. Share. The 414 staff represent 1.5 per cent of the SIA … The carrier’s labour union supported the idea but strictly opposed anything that would impact employee welfare. , The past will catch up with them sooner or later. 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. 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. 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. Wirraway. 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. 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. Sinkies as always will be the losers. 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. 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. In this way, SIA get experienced staff without too much salary cost Sent from there using GAGT SIA Group said in a statement that the retrenchment exercise will be carried out in a “fair and respectful” manner. Are employees entitled to paid sick leave while awaiting COVID-19 test results? They will however continue with cost-cutting measures, in place since the start of the crisis. 'We are not going to let up on the various measures that we have for controlling costs'. 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. Effects, 67% 24th Jun 2003, 13:40. The Singapore Airlines (SIA) Group today announced that it will retrench 414 Singapore-based employees, comprising office staff, airport workers and engineering personnel. SIA a couple of days ago began to retrench pilots from the A340 and A310 fleets. SIA also arranged for on-site counsellors and medical staff, and provided transport to and from their homes." Like gambling. 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. 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.. var theDate = new Date(); Compared to the hundreds of layoffs during the 2003 SARS crisis, the scale of … READ MORE: Singapore Airlines has no plans to retrench staff. Check out our Christmas issue for ideas on gifting and ways to enjoy the festivities to the fullest. Star Media Group Berhad (10894D), {{item['V1 Header']}} , The last time SIA had to retrench employees was in 2003. I want SIA to be one of the best airlines in the world as I like going on vacation. 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. 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. 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 While many companies that retrench their workers do pay out compensations, it often takes months or even years for the funds to be disbursed. 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 … Facebook Share to Twitter Share to Facebook Share to Pinterest carrier ’ s labour supported... Airline also outsourced its information technology work, cutting MORE than 400 jobs SIA Wealth Management we. 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Find alternative work for those affected Facebook Share to Pinterest they really should do.. Value, has about 1,800 pilots and 50 engineers, and those involved will be anytime!