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SINGAPORE : The Ministry of Manpower (MOM), together with its tripartite partners, will release new guidelines on Wednesday to help companies manage excess manpower.
The move comes as Singapore braces for higher retrenchment figures next year, on the back of the global economic slowdown.
One of Singapore's largest banks, DBS, has already slashed 900 jobs recently. More layoffs are expected elsewhere as other companies seek to cut costs.
Singapore's labour chief has already said that retrenchment numbers may hit a high of about 30,000 next year, if companies do not take responsible action. And this is where the new guidelines will come in.
"The guidelines will provide some tips for companies to manage excess manpower, how they can leverage on the flexible wage system that some of them have already put in place, how they can look at other alternatives such as a shorter work week or flexible work arrangements to avoid retrenchments," said Acting Manpower Minister Gan Kim Yong.
The message to companies is clear - retrench only as a last resort, after all options to streamline have been exhausted. And meantime, train workers so they will be ready with the necessary skills when the economy recovers.
Mr Gan was speaking at the Construction CEO Summit where 20 CEOs from construction and design firms pledged their commitment towards zero-injury workplaces. - CNA /ls
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