Anyway, because of the recession, that company almost crumble to the ground. They released 5 managers. 2 Directors. Countless engineers, technicians. All follow the same route. Some I know, some newly joined, loyal employee, etc.
My friend still hang on to his position until god knows for how long. Hearing what he told me, my feelings were mixed. Relief, sad, grateful, shock...all at the same time. For a moment, I just don't know how to respond except for words of encouragement of course. He told me there will be a second wave in the near future. More people will be released.
The company opted for retrenchment to cut down the operation cost. The bright side of it, they will pay the compensation. A month salary for a year service plus the notice period compensations as the company will have you leave the company on the spot. (yes...immediately & there will be guards escorting you to the door). Compared to VSS, you don't really have any choice. 1 year of service = 1 month salary. 10 years of service = 10 months salary. The downside of it, it's hard to get a job nowadays. More companies are struggling to stay afloat. Companies out there are cautious. Even companies that are doing fine stop hiring people. But more potential employees are expected to flood the market.
Retrenchment can be devastating for so many reasons. You loss your income, especially if u are the bread winner. Then there will be the fear about financial future. Often what is more frightening is the loss of 'self' which accompanies retrenchment. Those people just need more support from families & friends, I guess.
Me? I just feel more and more grateful. My life. My job. My wife, she's my rock.
