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Thread: How bad is the recession hurting you or your friends?...

  1. #21

    Default Re: How bad is the recession hurting you or your friends?...

    Hotel industry,
    occupancy has dropped by about 20-30% on the average, with last year being really good.
    occupancy drop work load also drop, 1 good thing, lucky i work for a private small hotel and the boss doesn't want to terminate anyone...
    some even had 2 mths bonus, rank and file staff just received a $88 ang pow...
    so i guess even if theres anyone suffering its the boss, not most of us... really need to thank god for such a nice boss.
    Last edited by deklan; 24th January 2009 at 01:36 AM.

  2. #22

    Default Re: How bad is the recession hurting you or your friends?...

    Ai yah.... semiconductor is gone already la.... with machines shutting down one by one, pay cut, allowance cut, installed many many CCTV to fine fault on you and get rid of you and latest is forcing you to clear annual leave and...after this CNY .... retrenchment lor .. what else you can do? wait until they FIRE you ??

    Those in semiconductor better star looking for new job cos the semiconductor future are BLEAK for the next few quarter and if you think that you are the SUPER IMPORTANT guy in the company then you try to hang on lor.

    If you dare to face the reality like a real man then you should know what to do next .....

  3. #23

    Default Re: How bad is the recession hurting you or your friends?...

    Tertiary education industry: Many on contracts now renewed...some given shorter time contracts...this happened before recession,...still taking place.

    In US, I was told companies are closing by the day in Silicon valley....

    Actually, companies are making profits...apple made profit. Intel profit, Microsoft profit down by 20-30%...so chop chop....

    This shouldn't happen...the same people helped them make super-profits last few years!!!

    We should therefore help management in Singapore remember that....if everyone is fearful...everyone shrinks in their decisions and moves...we have recession.

    We must therefore help to create more good news!!!

  4. #24

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by achanth View Post
    Tertiary education industry: Many on contracts now renewed...some given shorter time contracts...this happened before recession,...still taking place.

    In US, I was told companies are closing by the day in Silicon valley....

    Actually, companies are making profits...apple made profit. Intel profit, Microsoft profit down by 20-30%...so chop chop....

    This shouldn't happen...the same people helped them make super-profits last few years!!!

    We should therefore help management in Singapore remember that....if everyone is fearful...everyone shrinks in their decisions and moves...we have recession.

    We must therefore help to create more good news!!!
    at tough time expected ahead, they will push ppl to study / upgrade so as to make unemployment figure down as they will be taken out of the employment statistics.hence, good news to education sector. Intel will be closing their plants in Philippine, malaysia, etc.

  5. #25

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by deklan View Post
    Hotel industry,
    occupancy has dropped by about 20-30% on the average, with last year being really good.
    occupancy drop work load also drop, 1 good thing, lucky i work for a private small hotel and the boss doesn't want to terminate anyone...
    some even had 2 mths bonus, rank and file staff just received a $88 ang pow...
    so i guess even if theres anyone suffering its the boss, not most of us... really need to thank god for such a nice boss.
    give him a big tight hug, my friend. good boss deserve that!

  6. #26

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by deklan View Post
    Hotel industry,
    occupancy has dropped by about 20-30% on the average, with last year being really good.
    occupancy drop work load also drop, 1 good thing, lucky i work for a private small hotel and the boss doesn't want to terminate anyone...
    some even had 2 mths bonus, rank and file staff just received a $88 ang pow...
    so i guess even if theres anyone suffering its the boss, not most of us... really need to thank god for such a nice boss.
    That's a very nice gesture.

    A hug and a kiss is in order.
    Snap ?

  7. #27

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by Wibblo View Post
    me told to find a new job
    Hey man, good luck looking alright. Hope you find a nice job soon ya.
    Snap ?

  8. #28

    Default Re: How bad is the recession hurting you or your friends?...

    semicon industry... waiting for my department head to announce forced unpaid leave..
    expecting 2 days / month = 10% pay reduction.

  9. #29

    Default Re: How bad is the recession hurting you or your friends?...

    Working in a consultancy company, funding cut by client, many projects cut, things quieten down so much until not enough work they let go of people.
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  10. #30

    Default Re: How bad is the recession hurting you or your friends?...

    kind of curious,

    when they let people go, do they usually give the 1month per year of service?

    Is there any company which don't give any money or very little and just retrench people?


    Personlly, I really hope they retrench rather than pay cut.... For company they should retrench rather than cut pay as if u cut pay, the people u lose are those top performers who can find a job elsewhere. With retrenchment, at least u can trim off the fat.
    Last edited by pisduck; 24th January 2009 at 01:22 PM.

  11. #31

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by pisduck View Post
    kind of curious,

    when they let people go, do they usually give the 1month per year of service?

    Is there any company which don't give any money or very little and just retrench people?


    Personlly, I really hope they retrench rather than pay cut.... For company they should retrench rather than cut pay as if u cut pay, the people u lose are those top performers who can find a job elsewhere. With retrenchment, at least u can trim off the fat.
    Got! Lots of the companies actually give 1 month's notice - i.e. told employees to work the full month then go. Contractual, no need to pay more - only need to pay 1 month's pay for 1 month's work.

    Some companies also ask employees to resign 'willingly'. So that on the books, they are not seen as 'right-sizing' and therefore won't get so much bad press.

  12. #32

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by pisduck View Post
    kind of curious,

    when they let people go, do they usually give the 1month per year of service?

    Is there any company which don't give any money or very little and just retrench people?


    Personlly, I really hope they retrench rather than pay cut.... For company they should retrench rather than cut pay as if u cut pay, the people u lose are those top performers who can find a job elsewhere. With retrenchment, at least u can trim off the fat.
    Not sure how the labour laws are here..... 1 mth for every year of service seems more like a norm. I think company's can choose not to pay the full. Not too sure though cos I never really bothered to check.

    Retrenchment usually means that you pay for the lesser performers to go, whereas the top performers still have a job, more work though. If you are a top performer with numberous oopportunities elsewhere , guess retrenchment sounds ok. But then there's no guarantee that the next company will not use a depressed package to offer you cos the general market is bad. Seems like that's what one of my ex-coll is facing now after accepting retrenchment last year....

    Pros and cons either way, but most companies try to cut pay. Guess when the pay gets cut and then later retrench, the payout is also smaller since the retrenchment 1 mth/year practice is based on last drawn salary as well.
    Snap ?

  13. #33
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    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by dOlBy View Post
    My company is saving the arses of permanent staff, each time when I need to let go of a contract staff I feel so bad, some of them are really good workers better than some of our perm staff.
    On the other hand, not all contract staff are keen to become permanent staff.

  14. #34
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    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by lexus View Post
    Ai yah.... semiconductor is gone already la.... with machines shutting down one by one, pay cut, allowance cut, installed many many CCTV to fine fault on you and get rid of you and latest is forcing you to clear annual leave and...after this CNY .... retrenchment lor .. what else you can do? wait until they FIRE you ??

    Those in semiconductor better star looking for new job cos the semiconductor future are BLEAK for the next few quarter and if you think that you are the SUPER IMPORTANT guy in the company then you try to hang on lor.

    If you dare to face the reality like a real man then you should know what to do next .....
    Dude, we must be in the same company - pay cut, allowance cut, CCTV, retrenchment after CNY... it means semicon is real bad if we are not in the same company!

    No one is important any more. They can always go elsewhere and find someone with the same/more experience than us. And some positions don't need such experienced staff anyway so those are even worse off. sigh.

  15. #35
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    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by kisim View Post
    semicon industry... waiting for my department head to announce forced unpaid leave..
    expecting 2 days / month = 10% pay reduction.
    Its worldwide. One taiwan subcon I deal with shuts down for 3 weeks. They only shutdown for one week in the past.

  16. #36
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    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by pisduck View Post
    kind of curious,

    when they let people go, do they usually give the 1month per year of service?

    Is there any company which don't give any money or very little and just retrench people?


    Personlly, I really hope they retrench rather than pay cut.... For company they should retrench rather than cut pay as if u cut pay, the people u lose are those top performers who can find a job elsewhere. With retrenchment, at least u can trim off the fat.
    some ppl say if work for several years, then its 1 month / year. If not (think < 3 years) its 1 week per year. best is never get retrenched and only you decide to move to another job than resign man.

  17. #37
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    Default Re: How bad is the recession hurting you or your friends?...

    just have to brace ourselves for the year ahead... i already take 10% pay cut... no increment, no promotion, force leave(unpaid)... luckily i dun have too many commitment, no car, no house yet and no kids... just pray hard to keep my job and ride through the hard times ahead...

    anyway my colleague just quit without a job... and he just got married... his advice to me is, we singaporeans are too easily content with what we have, a job paying 3-4K and we are happy, we will not thrive to be more successful or rich... doing nothing...
    as a graduate, why are so many of my friends who dun even complete O levels drive a Mercs and stay in landed property ?

    We are too easily content, if 1 day i loss my job, i have a family to feed, a house and car loan to service, what will i do ??

    Those who have nothing to begin with, no proper education, yet they are more successful then mi... why, cos they are in a situation where they have to do something about...

    maybe i should follow my colleague and quit... force myself to do something about it and maybe i will be successful.. but then again... im holding on to a job and content with what i earn like many singaporean... so maybe i will never be successful...
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  18. #38
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    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by lexus View Post
    Ai yah.... semiconductor is gone already la.... with machines shutting down one by one, pay cut, allowance cut, installed many many CCTV to fine fault on you and get rid of you and latest is forcing you to clear annual leave and...after this CNY .... retrenchment lor .. what else you can do? wait until they FIRE you ??

    Those in semiconductor better star looking for new job cos the semiconductor future are BLEAK for the next few quarter and if you think that you are the SUPER IMPORTANT guy in the company then you try to hang on lor.

    If you dare to face the reality like a real man then you should know what to do next .....
    haha, IMFS is the recent "good" example, pulled ppl from TECH then close down after fab opens in sg...those in US training, got retrenched over there.
    some of them went back to TECH with tails between their legs...

    but i noticed that TECH doesn't have so many CCTV but not sure about charted though...
    Last edited by Simon_84; 24th January 2009 at 11:15 PM.

  19. #39

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by flowerpot View Post
    just have to brace ourselves for the year ahead... i already take 10% pay cut... no increment, no promotion, force leave(unpaid)... luckily i dun have too many commitment, no car, no house yet and no kids... just pray hard to keep my job and ride through the hard times ahead...

    anyway my colleague just quit without a job... and he just got married... his advice to me is, we singaporeans are too easily content with what we have, a job paying 3-4K and we are happy, we will not thrive to be more successful or rich... doing nothing...
    as a graduate, why are so many of my friends who dun even complete O levels drive a Mercs and stay in landed property ?

    We are too easily content, if 1 day i loss my job, i have a family to feed, a house and car loan to service, what will i do ??

    Those who have nothing to begin with, no proper education, yet they are more successful then mi... why, cos they are in a situation where they have to do something about...

    maybe i should follow my colleague and quit... force myself to do something about it and maybe i will be successful.. but then again... im holding on to a job and content with what i earn like many singaporean... so maybe i will never be successful...
    imo , being employed is generally safer , its these self employed entrepreneurs who are also getting burnt now , some will survive but most will not , look at the diamond industries owner for example. Unless you got a recession proof business plan, its better to get a job instead , whatever that is. If really nowhere to go , join the home team , they are recruiting heavily now.

  20. #40

    Default Re: How bad is the recession hurting you or your friends?...

    Quote Originally Posted by flowerpot View Post
    just have to brace ourselves for the year ahead... i already take 10% pay cut... no increment, no promotion, force leave(unpaid)... luckily i dun have too many commitment, no car, no house yet and no kids... just pray hard to keep my job and ride through the hard times ahead...

    anyway my colleague just quit without a job... and he just got married... his advice to me is, we singaporeans are too easily content with what we have, a job paying 3-4K and we are happy, we will not thrive to be more successful or rich... doing nothing...
    as a graduate, why are so many of my friends who dun even complete O levels drive a Mercs and stay in landed property ?

    We are too easily content, if 1 day i loss my job, i have a family to feed, a house and car loan to service, what will i do ??

    Those who have nothing to begin with, no proper education, yet they are more successful then mi... why, cos they are in a situation where they have to do something about...

    maybe i should follow my colleague and quit... force myself to do something about it and maybe i will be successful.. but then again... im holding on to a job and content with what i earn like many singaporean... so maybe i will never be successful...
    I agree with your friend on the part where we are too saddled with our debts and spending to dare to take risks, we seemed to be trained to be good workers, not entrepreneurs.

    But I'm curious, what is your friend currently in?

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