Sgp is badly hit by the economic downturn, retrenchment and pay cut is everywhere…….
Yes, there have been few rounds of RIF (Reduction in Workforce) exercise in my company and luckily my department was not affected. Rumours said more RIF is upcoming and I believe it is true, March 11 is the date quoted. My company had started the “salary deduction” exercise since Feb. Sigh, I had the 10% salary cut, but good things is we have 2 days leaves in return. So, compared to others companies that had the salary cut without leaves given, I considered myself lucky.
There is nothing much that we can do for this, except be prepared for the worst and cut down our spending.
With our current way of $$ spending, single income source is definitely not enough. This is bad as if any of us get axed, our life will be badly affected. So, Hup and I agreed to use only single income from March onwards, and we have to lower down our standard of life. However, to do this in March will be very tough, as we have to pay car roadtax, car insurance, life insurance, and we have to buy a number of things like vacumm (old 1 already broken), Hup’s shoes (already leak), etc… Hmm, if really can’t, then we will swich our plan to next month. Haha…. hope we will not keep postponing our “Cost saving” plan.
FYI…. there is a blog that talking about Singapore retrenchment. You can access it by searching “Singapore Retrenchment Blog”. Haha…. I came to know about it as there are many comments regarding my company’s retrenchment. It is funny to see that so many people posted their frustration and views in it, with their bosses’s name in the blog. Now we can tell which are the ‘lousy’ bosses. I believe good bosses won’t be condemned so badly even with their people affected by RIF exercise.