Panasonic Semiconductor has official retrenched staff from its Ang Mo Kio Plant in Singapore. The retrenchment exercise was carry out yesterday and today. 132 staffs are expected to be affected in this retrenchment exercise. All staffs will get the full compensation according to the industry standard. Staff working over three years will get one month for every year of service. There is a possibility of a second round of retrenchment if sales does not improve.
It is sad to see our colleagues left this place where we have worked together for the past few years. The economy crunch has greatly affected the electronics sector and Japanese Companies can not be spare also. Panasonic has already announced the Global Retrenchment of 15,000 staffs worldwide by 2010.
Malaysia plant has a much better compensation package than for the Singapore staff. They are being paid for compensation but if your service duration is below 5 years, you are likely only being paid a 3 months salaries. If your service year is over 5 years, you may get a one month to 1.6 months compensation rate. Malaysia already has one plant closed in January 2009 and you can read more about it by clicking here.