Recently, there are quite a number of retrenchments in Malaysia. It also happens globally.
Retrenchments in Malaysia and globally
I share below, some of the 2015 retrenchment or job cuts both in Malaysia and globally:
- CIMB Group offered voluntary Mutual Separation Scheme (MSS)
- HSBC to cut thousands of jobs globally
- Fairchild Semiconductor (Malaysia) Sdn Bhd to sell Penang factory
- Royal Dutch Shell to axe 6500 jobs globally
- Malaysia Airlines, MAS retrenched 6000 jobs
- Job cuts at some of the global banking institution
Among the headlines above, three of the affected organizations are from the banking sector.
I believe for those working in the banking sector, know there will be retrenchment or lay off. From time to time, it will happen even for large corporate banking.
But, still, when retrenchment really happened, it is a scary thing. Most hope that their name will fall under the retrenchment list.
Perhaps, for some who have been working for decades, they silently hope that their name will be on the retrenchment list. Because the expected compensation could be a big figure. They can use it to pay off their housing loan and other loans.
Next, they can start with new job hunting or take new adventures such as starting a business.
Final thoughts
No matter what, retrenchment is still a dreaded word for every employee.
And I believe there are many job cuts or retrenchment which have not been reported in the news.
Feel free to share your thought and comment below if you have any.
photo credit: Today’s News via photopin (license)
My close relative has been retrenched lately, n his family in jeopardy due to he is the only sole breadwinner. Any retrenchment fund or aide provided in Malaysia which can ease off his woes temporary?
Hi there, very sorry to hear about your close relative. From what I know, currently there's no retrenchment fund in Malaysia… If he still have the time, perhaps he can seek help from nearest Pejabat Buruh to negotiate with his employer for a better and fairer compensation. If he had left the company, then he'll need to find a job or temporary job soon.