During the previous year, in Singapore, almost twenty thousand or so people were laid off from their jobs in the process of retrenchment. That amounts to 0.5% of the working people in a single year; a figure that seems rather small at first, but is actually quite alarming. Five out of a thousand people were made redundant without actually making a mistake that should get them fired.
The process itself usually happens when the company tries to make more money and spend less; trying to keep only the most essential employees, and the biggest problem is that young individuals are the main targets. During the previous year, between March and June, the number of people younger than 30 who don’t have a job almost doubled from 38 to 71 out of a thousand in only a couple of months.
Even though the government has a pro-employment policy, Singapore company registration is what makes even these situations less terrible. Once registered, businesses are effectively regulated, thanks to a number of business entities.
We have separated some useful information one might want to know if being faced with cutting down.
1. Being young doesn’t protect you
A lot of people believe that cutting down can only happen to people with outdated jobs who have been working for a while. Well, technically, they are at greater risk; however, you are not safe in any way. A lot of companies prioritize their older employees, as their experience will make more revenue.
Not to mention the dangers of being made redundant by automated service and general market instability, which comes with start-up companies that tend to hire younger people.
2. Sometimes, they will make retrenchment appear as something else
For the period that you spend between jobs, you might want to secure your retrenchment benefits. These benefits are simply payments that are there to help you get through; they compensate you if you lose your job. Don’t forget, a lot of companies will try to mask it as something else, so they can avoid compensating you.
3. Inform yourself
Knowing who can help you with this is very important. To put it bluntly, you should be a union member and work in a unionized company. Being a member of a union helps a lot, as a union will be able to negotiate the amount of money you receive in your benefits; they possibly can even get extra money for training for your next job. Always check your contract and employee handbook from your employer to stay on top of things.
4. Don’t let it slide
First of all, find out what happened. The question “why” is of importance right here. When you lose your job, there has to be a reason. If all you receive with those questions are excuses or if your boss doesn’t explain that it was your performance that got you fired, and you did not receive your benefits or salary, then it might be time to take action; you might have a case. Check with litigators and your union for advice on how to proceed.
5. Being made redundant is not a career killer
While getting laid off like this is definitely not an enjoyable experience, you can pick yourself up. Polish your skills, work on your CV and push forward to find your next job and a better future.