A report by the Ministry of Manpower published on 24 October 2019 revealed that more than 8,400 citizens in Singapore have encountered retrenchment within the first 3 quarters of 2019 within private companies, with at least 25 workers from the public sector. The most prominent and high-profile cases of retrenchment included the layoff of roughly 160 staff from Duty-Free Singapore (DFS) in September 2019 as well as Singapore Press Holdings (SPH) retrenchment of 70 staff members the following month that year. All this was done while claiming a net profit of approximately $213 million for 2019 as a financial year. Going through a retrenchment can be a daunting experience that is unfavorable for all. If you or someone you know is going through retrenchment and feel a little lost or hopeless, this is the right article to be reading. In this article, we will discuss 5 things to do after being retrenched in Singapore, which hopefully benefits those experiencing it.
Before getting into the 5 main points, we would like all the readers of this article to remember that retrenchment may not be your fault and can happen to the best of us. Sometimes employees are dropped because the company is unable to pay them due to economic situations or the redundancy of certain staff members during crucial periods of time. It is vital to know that being retrenched is different from being fired from a job and usually is done by factors out of your personal control such as economic numbers, job relocation as well as a change in management decisions.
If you need some pointers as to how you can better manage your emotions after retrenchment, here is a guide for you about retrenchment singapore.
1. Be aware of your rights under the law
The law in Singapore states that all employees must have served within a certain company for a minimum of 2 years to be eligible for any retrenchment benefits, although companies may serve retrenchment benefits to individuals who have not yet completed 2 years with them purely out of goodwill. The retrenchment benefits are usually discussed in your employment contract or within a signed agreement with you and your employer. If there are neither these documents, you may have to negotiate with your boss when the time arises. Based on information from the Ministry of Manpower, retrenchment benefits can include anywhere between 2 weeks to a month’s worth of salary per year of service.
In Singapore, on your last day of work, employers have to pay all outstanding amounts to you in order to ensure an easier retrenchment process overall for both employers and employees. If you believe that your company is not abiding by all the rules, laws, and guidelines, you are permitted to make a report of the infringement to the Ministry of Manpower (MOM) in Singapore.
2. Initiate a handover plan
This part of the retrenchment process is necessary in order for a smooth sailing process overall. In most cases of retrenchment, there are other individuals who remain in the company and will be handed your workload. Hence, the handover process is crucial for a smooth transition to occur. It is recommended that you take the time and initiative to work out a handover plan, which allows for a slow transition from one individual to another. Ensure that you plan all inventory lists so as to ensure that all documents and work equipment are left for the company and other recommendations like choosing the employee best suited to handle your previous tasks. Having a well thought out handover plan will reflect a good impression on your values and sense of responsibility to your company, which may rehire you again in the future.
3. Prepare your resume
If you have come to the unfortunate circumstance of being retrenched, at least you have a job that you can add to your resumé. It is important to keep your resume and CV updated with all your latest accomplishments and skills where required. Another tip would be to get someone of authority from your company to write up an endorsement letter or letter of recommendation. Include any published work done for your clients and use it as a portfolio for future employers. Of course, keep all your educational achievements within your resume and ensure that it is easy for employers to skim through your documents. Once these are done, you will be ready for your next job-seeking process in the professional world.
4. Plan for a sustainable lifestyle while job hunting
No doubt, being unemployed or retrenched is a stressful time for anyone which can also lead to other misfortune such as falling ill. Remember to keep yourself healthy so that you are able to begin a new job the moment it becomes available for you. Set a healthy and balanced routine that includes a rich diet along with some days of exercise. If you feel like you have free time on your hands after exercising and keeping fit, spend some time with your family members and good friends, they usually know how to keep you in a positive mood. Leading a sustainable lifestyle is not something that can be done or seen overnight, but shows its benefits in the long haul.
5. Resources for attaining your next job
In Singapore, there are initiatives such as “Skills Future” that offer both fully and heavily subsidized courses for Singaporeans to gain beneficial skills that will help them in the future. In addition, it may be worth it to attend courses in order to network with the relevant people. One useful resource for Singaporeans seeking a job is “Workforce Singapore” which is a platform that helps you connect you to a job as well as other agencies that may be of assistance. Other resources include industry-standard seminars and career guidance appointments. If you are interested, visit their website to arrange for a meet up with appropriate advisors.
Being retrenched from your company does not mean that you were fired and there are things you can do to improve your chances of getting an even more rewarding job post-retrenchment. Take this time to work on yourself and fine-tune your existing skills! The future holds many unknowns.
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Producer Eric Dye 2020-07-06 15:00:13
The post 5 Things To Do After Getting Retrenched in Singapore appeared first on Market World.