500 workers retrenched from hard-drive firm HGST, union to help


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kei1309

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500 workers retrenched from hard-drive firm HGST, union to help


Western Digital company HGST :sweat:

last retrenchment of the year2013?

WAH those with big HDB or Condo loan is how ah
what will happen to them? read the article. it's already stated inside and you have to ask "how ah?"

Besides meeting the industry norms for retrenchment terms, the company will also extend the workers' hospitalisation and surgical insurance coverage in Singapore until March, and pay union membership dues for the same period.

In addition, UWEEI and the Employment and Employability Institute (e2i) will hold a job fair for the affected workers on January 16, at e2i. The union has encouraged companies from the same sector to take part. So far, 24 companies have signed up and about 500 vacancies will be available. About 300 jobseekers are expected. UWEEI and e2i will also arrange for workers who are Singaporean or permanent residents to attend employability camps and executive workshops before the job fair.
besides, why are you worried for them when obviously someone is already helping to ensure that they'll find a job ASAP. unless you have insider information, "insight" or some "explanation" that things are not as what they claimed
 

diver-hloc

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#3
WAH those with big HDB or Condo loan is how ah

Those with big HDB/Condo loan will have to take care of themselves lor. Unless you are suggesting that these people are being 'forced' to buy beyond their means and/or were trick to buy things they can't afford.... :think:
 

#5
Those with big HDB/Condo loan will have to take care of themselves lor. Unless you are suggesting that these people are being 'forced' to buy beyond their means and/or were trick to buy things they can't afford.... :think:
The society has brainwashed us into thinking that we must fulfill the basic need to buy a place of our own. It's considered a failure for not being able to do that.

We must learn to say it with pride that "I don't own a home here." :)
 

Foxshade

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#6
The society has brainwashed us into thinking that we must fulfill the basic need to buy a place of our own. It's considered a failure for not being able to do that.

We must learn to say it with pride that "I don't own a home here." :)
Take unker Sion for example. He can proudly says I don't own a home here... ;p
 

diver-hloc

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#9
The society has brainwashed us into thinking that we must fulfill the basic need to buy a place of our own. It's considered a failure for not being able to do that.

We must learn to say it with pride that "I don't own a home here." :)

Sorry... never been brainwashed because I don't care what my peers think... I buy what I can afford and no more. Never own or dream of owning a Car or Bike... Buy a HDB in a Ulu (at that time) corner of SG so as to get an affordable price. Said many many times here already... its Trying To Keep Up With The Joneses that bring S'porean so much Stress and Heartache... :think:

If someone is already an Adult and can't think for Himself/Herself... Please don't expect us to bail you out when you get into financial difficulties due to your spending...
 

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#10
Sorry... never been brainwashed because I don't care what my peers think... I buy what I can afford and no more. Never own or dream of owning a Car or Bike... Buy a HDB in a Ulu (at that time) corner of SG so as to get an affordable price. Said many many times here already... its Trying To Keep Up With The Joneses that bring S'porean so much Stress and Heartache... :think:

If someone is already an Adult and can't think for Himself/Herself... Please don't expect us to bail you out when you get into financial difficulties due to your spending...
No No No.... it's not about keeping up with Joneses.

It's about not buying a house at all. You should use the money to travel around the world for as long as you like and experience life in other countries and enrich your life and widen your horizon.

A house is just a well from which we look at the world: :bsmilie:



But it's not too late to sell your house now and hit the roads for the wanderlust and adventure of lifetime. :)
 

Bukitimah

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#11
Since the 70 we are not new to retrenchment, especially the electronics. One of the better company here is HP and they have been here for donkey years.

While is is fair that investors interest have to be protected before we can attract them to invest here, they cannot be coming in to make money and run away the minute they are not making enough. When a Singapore join such a company after they graduated and spend 10 years with the company, his most productive years are already sold to that company. Who then is protecting their interest?

Someone ever share this with me. An employee in Singapore is like a lady. When they are young and pretty, they got married to a guy. Both work hard to build a family. Once they are financially better off, the has and now want a younger a prettier wife. She is like a Singaporean worker marrying to a wrong husband. You can't rewind the clock but accept that you should have done more before it happen.
 

Blur Shadow

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Why is retrenchment a bad thing? When I was in the finance industry, I'd had happily volunteered to take the retrenchment package (if it is sufficiently attractive, of course), and be the first to go, rather than to stick around, do my own work + the work of those who got retrenched, and still have to think about what will happen tomorrow.

Of course, I was debt free back then, and continue to be so today. It would have been great if I could wake up late, laze around at home and explore new interests.

Some may argue that I would be a lot less smug if I had a mortgage to pay and children to feed.

Well, I think financial prudence is important. Do not over lever, and have sufficient funds to tide through at least 6 months. Because the sun won't shine forever.
 

#13
While is is fair that investors interest have to be protected before we can attract them to invest here, they cannot be coming in to make money and run away the minute they are not making enough. When a Singapore join such a company after they graduated and spend 10 years with the company, his most productive years are already sold to that company. Who then is protecting their interest?
In Singapore hor make sure you join the govenment service for logevity, security and career advancement.

Sungapore govenment recognizes talents and give them opportunities to grow. Many of our leaders are from government service and you can be one. :)
 

hanzohattori

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Apr 16, 2010
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Well you can't really compare manufacturing and finance. If you are retrenched you can still work in corporate finance. Not so with factory workers.
Not mentioned different pay package before retrenchment :)
 

#15
Well you can't really compare manufacturing and finance. If you are retrenched you can still work in corporate finance. Not so with factory workers.
Not mentioned different pay package before retrenchment :)
You are right finance can work in factories but factory workers can't work in finance. :bsmilie:
 

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diver-hloc

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Well you can't really compare manufacturing and finance. If you are retrenched you can still work in corporate finance. Not so with factory workers.
Not mentioned different pay package before retrenchment :)

I was about to said the same.... :think:
 

ricohflex

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Feb 24, 2005
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#17
Ups and downs are normal in business.
It means that company's management thinks Thailand is more competitive in this area.
But with Thailand's non-stop riots and eiltes slugging for power, who knows - Thailand may be a mess too later.

Just a restructuring to do in SG.
 

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Blur Shadow

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Sep 17, 2005
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You are right finance can work in factories but factory workers can't work in finance. :bsmilie:
It certainly helps to be more skilled!

Well you can't really compare manufacturing and finance. If you are retrenched you can still work in corporate finance. Not so with factory workers.

Not mentioned different pay package before retrenchment :)
I was about to said the same.... :think:
Fair points guys, but I think I ought to bring some clarity into the picture.

I can assure you that many factory workers are earning a decent salary. Junior staff can easily earn more than S$2,000 with a reasonable amount of overtime (OT). Folks who are in a berserk mode can easily earn a lot more in a month. The number will surprise you. Of course, it is unlikely to be sustainable, but I am simply pointing out that factory workers aren't exactly that lowly paid. They are several notches above the cleaning and security industry. Then there are also the senior staff, supervisors and the "old birds" who are certainly earning a comfortable salary.

Next, I know many think the finance industry pays well. Undeniably, it does pay well for many. Bright graduates who obtain a place in the coveted jobs in investment banking, sales & trading and private wealth management, management associate programs etc. are well compensated for their time in the financial institutions.

Nonetheless, it must also be noted that they invested a lot more in their education - funding for tertiary education is certainly not cheap. If a young graduate is dealt a blow early in his/her career, he/she may not be able to recover the earlier investment in education, thereby making the "going for university and entering the finance industry" combo a bad choice. (For finance folks, it is simply a negative or low NPV project with a longer payback time).

Moreover, it really is not that easy to find a similar job if the entire industry takes a beating.

The factory worker, however, invested less, and is likely to lose a lot less.


Well, I hope that clears up some misconceptions there. All in all, I think my initial post was to bring out the following points:

1. That the notion of retrenchment is not always a bad thing. People always perceive it negatively, that the first to go is the weakest, or that life will be an immediate downhill following a retrenchment. I think it is truly dependent on the attitude and fortitude of the worker.

a. The first to go may actually be the smartest person - he/she is able to identify a sinking ship and leaves before further damage is done.

b. Retrenchment may mean that you get an honest break for the first time. How one seizes that time will determine his future. Spend some time to relax, take a breather, enjoy what you have around you, before sharpening the saw - meet new people, learn new skills, develop new interests. No one can limit you - You are your own limitation.

2. That all of us must be prepared for financial emergencies.

a. Retrenchments are but one of the many things life with hurl at us. (For the superstitious, you better be touching wood and clutching your lucky charms before reading further). In life, we may encounter accidents, disasters, illness, business failures etc. There are way too many cases where things will go awry - we all ought to prepare some cash as an emergency fund.

b. We should all make hay when the sun still shines. Thus, we ought to enjoy the fruits of our labor. However, just as cash savings are important, we must also understand that we cannot over-leverage ourselves just because we have easy access to credit, because future earnings may not materialize.
 

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ArchRival

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:bsmilie::bsmilie:

As i said before somewhere in another thread (can't find anymore), sg got two things grossly wrong.

First, sg should never compete with numbers. A lot of foreign mncs tell the govt they demand XXX number of workers, so the govt bring in lots of FTs to meet the demand, hoping the mnc will eventually set up here.

Second, sg should never try to compete with cost. The govt bring in large number of FTs, but despite increase in labour supply, plus all the carrots, sg still can't beat the neighbouring countries in the long run.

If a foreign mnc comes to sg, and if the workforce are mainly PRCs, Vietnamese, Indians, etc, the mnc will eventually run road to go Vietnam, Thailand, China or India to set up where labour is the same but the costs there are way lower.

Some people may see this retrenchment as something that is bound to happen, because since WD bought over HGST, restructuring and cutbacks would have been inevitable. But this doesn't change the fact sg is unable to retain tech manufacturing, and this is merely the latest retrenchments since a decade ago.
 

Bukitimah

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#20
Toady the ST reports that a technician was retrenched 4 times in 10 years working in the electronics industry. Why did he stayed on in the same industry and not move on to do something else? Someone also said that retrenchment isn't bad as long as one is prudent with their finance!

When we say all these, we need to be in their shoes to better understand the situation. If you don't have job security and need one badly, chances are you don't have that bargaining power but to accept whatever that come by. Don't even think or consider planning because you are not in control. On the extreme, think of those people in 3rd world countries, how are they ever to get out? They wish to be in that situation?

Unfortunately, CS members here will not be able to delete the word retrenchment from MOM vocabulary. BTW the new jargon is restructuring. Don't blame today work force for not being loyal. They need to protect their own interest first. In my years of working experience, I have been training staff and seeing them leave once they are ready to take on new challenges. Initially I feel frustrated, but after due consideration of our society, I am happy for them.
 

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