Friday, 12 December 2008

job losses world wide

Job losses affect us all in some form or another. Be it our friends, a relative, a neighbour or even ourselves. Regardless of how strong we feel our position is and "we would never lose our job here", the simple fact remains - we can.

You only need to read the worldwide headlines - or the expat forums - daily:

SINGAPORE - Shipper Neptune Orient Lines said on Wednesday it would cut 1,000 jobs as part of cost cutting measures to help ride out an expected severe downturn in the shipping sector.

In a statement, NOL said it would reduce its global workforce by 1,000, with the largest impact being in North America. There will also be 50 jobs cut in the Singapore office. -- REUTERS


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DBS, one of the largest government-linked company in Singapore, has started to fire off the first round of the mass retrenchment exercise in this economic crisis. 900 staff were being laidoff, 600 from Singapore and the other 300 from Hong Kong.

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BANK of America says it expects to cut up to 35,000 jobs over the next three years amid a sharp economic slowdown stemming from financial turmoil and its acquisition of Merrill Lynch.

"Bank of America expects to have a final plan early in 2009 and estimates it will project the reduction of approximately 30,000 to 35,000 positions over the next three years," the bank said in a statement.

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New claims for US unemployment benefits rose 58,000 to 573,000 in the week ending December 6, the US Department of Labour said.

It was the largest number of people applying for benefits since November 1982.

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Every company is effected worldwide.

But we all have to remain as positive as we can. Yes, these are hard times and yes we will be effected somehow or other. But we have to be positive and try and plan ahead where possible.

I heard just yesterday that one of the large International Schools here in Singapore is losing TWO HUNDRED students. These are students that will be "going home for Christmas" never to return to Singapore.

I imagine that there maybe a few families that will be quite happy to be going home, but there will also be many where this whole situation is a dreadful emotional and financial experience for them all.

We must all think of our expat friends at this time that have had to leave this beautiful Island they called home for however long they were here.

Our prayers are with you.






4 comments:

Melanie said...

I just loved your blog about jobs...all over the world, the economy is suffering. I'm from the US and all I seem to hear is bad news about the market, employment and real estate. My husband's company also just started talks about lay-offs as a result of the economy and lack of work. I'm with you on this...may God be with all of us. Each change affects the lives of everyone and we can only pray for things to take a turn for the better. In the meantime, may it teach us the importance of other things in our lives...family and friends especially!

Leone said...

Thank you Melanie....

Sitting in a restaurant at dinner last night, watching many of the Expats there enjoying themselves and I wondered how many have been affected by the above or if they feel that "it does not matter, I am OK, it only concerns other people, not me"

I maybe wrong. But I do hope they think a bit more about their fellow human beings, their neighbors, their work colleagues than "just to be here for a good time".

Sorry, better get off the soap box!!!

Thanks for the comment and the visit. :-)

Oswald Chong said...

The time when companies have the best excuse to replace the expensive staffs, as usual.

Oswald Chong said...

Companies are looking for reason to replace the more expensive staffs, as usual.