NOL to slash 1,000 jobs

Recession has started to kick-in , not only the corporate world is affected, but also certain residents in the country. Subsequent after the retrenchemnt in DBS, another coporate giant in Singapore, NOL has announced the retrenchment exercise in Nov 2008.

Neptune Orient Lines is cutting 1,000 jobs, or approximately 9% of its workforce. However, majority of the retrenched / to-be retrenched employees are based in North America.

Shipping industry is affected by the slowing-down global economy. Idle capacity/ excess staffs are the main target area of the board to cut the costs to survive through the recession.

DBS issue retrenchment notice

Subsequent to last week announcement about plan to retrench 900 employees, DBS has issued / given out the retrenchment notices to the affected employees today.

We are going to have a hard time to fight through this recession. Guys, let's bond firmly and stay clams. There will be lights at the end of the tunnel.

Industry with High Risk of Retrenchment

I readed a news ( http://www.sinchew.com.my/node/89927?tid=2) about "What might be the industry with higher risk of retrenchment", and the results are as follows:

5 industries with higher risk of being retrenched:
- Banking & finance
- Manufacturing
- Travelling & services
- Luxurious & retails
- Transportation & aviation

5 industries with lower risk of being retrenched:
- Law
- Accounting
- Public services
- Health
- Energy

Which industry are you in ?