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.
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