In 2000 and 2001, the private businesses and manufacturers were
urged and prodded by NTUC to seriously consider retraining the
workers and redeploy the loyal workers to other positions.
Retrenchment is to be the last and final solution - and never to be
the first option.
The private businesses and manufacturers were "scolded" by NTUC for
being irresponsible in their quick decision to retrench, just when
a "chill wind blow" and they caught a "sudden cold".
These businesses and manufacturers were way ahead of the Singapore
Government and NTUC in 2000 and 2001, and foresaw the coming storm,
and were already trimming their fat to weather the storm.
It is only now, in 2003, that the Government Linked Companies (GLC)
are reacting like some slow moving giants, to trim their excess fat
and doing it at a time when their profits are still relatively high
- compared to those businesses and manufacturers in 2000 and
2001.
Some may say that this shows the compassion of the GLCs in delaying
the cut. However, the present action is illogical when performed
under circumstances of profitable operation. The exercise could
have been phased in on an annual basis, or on a natural attrition
through resignation and retirement from 2000.
What would happen, if those companies had listened to NTUC in 2000
and 2001, and did not start the trimming exercise then?
We would see mass retrenchment on a bigger scale from 2002 to the
present time, causing a bigger panic and pressure to the employment
scene, and affecting economic confidence.
