![]() ![]() ![]() Goldman Sachs CEO David Solomon said last week that “people’s jobs are safe” during the crisis. The National Wages Council in Singapore released new guidelines on 30 March, saying that employers affected by Covid-19 should first reduce non-wage costs and tap Government support, with retrenchment a last resort. “This is commendable and in line with the government’s appeal not to retrench staff,” says Christina Ng, managing director of LMA Recruitment in Singapore. OCBC chief executive Samuel Tsien told employees in a recent memo that there would not be a “retrenchment exercise arising from this outbreak”, while DBS and UOB don’t expect to trim their headcounts either, reports Bloomberg. Nevertheless, recruiters in Asia expect the labour market to further deteriorate this year – some foreign firms may still make redundancies, while hiring and pay freezes are also likely to impact the banking sector. Singapore’s DBS, OCBC and UOB have said they won’t cut jobs in response to the Covid-19 pandemic, while several (but not all) global banks have made similar pledges. ![]()
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