Xinhua, 14 Nov 2008
SINGAPORE, Nov. 14 (Xinhua) -- Singapore's labor chief Lim SweeSay on Friday urged companies not to use layoff as the first resort to cutting costs in the economic slowdown period.
In a statement, Lim expressed his disappointment in the sudden decision by Singapore-based DBS Bank, the largest lender in Southeast Asia, to cut 900 jobs.
He said that the bank had not consulted with the DBS Staff Union on other alternatives to cutting costs. As a result, the perception on the ground is that DBS Bank decided on retrenchment as a first resort.
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