Ownturn Ig Trouble Had LM All Geared up to Fight Recession Been Brewing for Some Time
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60 centscents | http://www.ntucthisweek.org.sghttp://www.ntucthisweekhttp://www ntucthisweekk.org.sg | MICA (P) 295/10/2007 20 OCTOBER 2008 Fair Or Stormy, Pg Ride The Rough, Pg Take Up Childcare Pg NTUC Membership Is Pg SMOU Sails On 3 Prepare For Recovery 5 Jobs 8 About Engaging U 12 Upturn The Downturn ig trouble had LM All Geared Up To Fight Recession been brewing for some time. All the bad omens The safety car were there and it may be out for Bcame as no surprise when all , hell broke loose. What started one lap, two laps as sub-prime mortgage not forever. At some troubles in the United States point, things will go quickly escalated into a mammoth fi nancial crisis that back to normal in no time swamped world economies. “Solid” fi nancial and the safety car will institutions collapsed like a pull away, and all the house of cards, with people cars will speed up running around like headless again. chickens. Unprecedented joint Governments’ interventions See Page 5 NTUC Secretary-General Lim Swee Say were needed for mopping up. The culture of instant place for gratifi cation and make quick retrainingretraining, re-deployment and re-employmentre-employment. bucks had fallen fl at on its face with a great thud. At the launch of “Be Savvy With Your $” on 11 October Ironically, the unkindest cut of all is that many innocent 2008, NTUC Secretary-General Lim Swee Say reminded parties bear the brunt of the damage and have to pick all that it takes two hands to clap: “We have created the up the pieces. Sometimes you don’t look for trouble, but big environment where there is enough opportunity for trouble looks for you. every Singaporean to adapt to the changing environment. The Singapore economy, intertwined as it is with What is important is the saying: ‘We can bring a horse to the world economy, will not come out of the debacle the river, but we cannot force the horse to drink from the unscathed. After a year of fabulous growth, suddenly we river.’ In Singapore, we in fact bring the river to the horse. are in a technical recession. But the house is not on fi re; this Today, we have job training programmes in place, we have is when men are separated from boys. job matching in place, we have the CPF system, healthcare This past fortnight, the Labour Movement has gone into system and so on. But even so, we cannot force every overdrive for damage control. At various events, tripartite worker to go for skills upgrading, to go for job re-creation, partners are speaking with one voice and the common to sign up to be part of the CPF system. We can put in refrain is to close ranks and stay positive. In the economy, place all the systems but we need every individual worker to by as in life, expect the unexpected but stay consistent. The decide how he or she wants to take advantage and be part Marcus Lin call is to adapt and take advantage of the programmes in of the overall system.” Terms and Conditions: • Offer valid for fi rst 50 customers only Buddy Retreat at S$88 for 60mins body massage • Offer is not valid with other promotions and discounts • Limited to one redemption per customer 2nd person gets 50% discount off further treatments • Prior phone or email booking of appointment is required • The Spa@ Aranda reserves the right to amend the terms and conditions without prior notice Aranda Country Club, Level 2, 60 Pasir Ris Drive 3, Singapore 519497 Tel: 65891812 Email: [email protected] Website: www.ntucclub.com/spa NNTUCTW17Oct08new.inddTUCTW17Oct08new.indd 1 110/17/080/17/08 77:34:11:34:11 PPMM upturnthedownturn • workingfor 3 We Have What It Takes After this downturn, there will be an upturn. If you want to be the fi rst off the block when the situation turns around, we need “to get the strategy right.” strengthening our support for workers,” said been able to adapt together.” SG Lim. SG Lim highlighted the strategy of one By Some of the initiatives to help workers company which has withstood a few economic Jansen Yeo include re-employment of older workers, downturns and rebounded strongly when the getting more women back to work, Job Re- situation improved. During a downturn, the rom America to Asia, stock creation Programme and the setting up of the company would release foreign workers and markets have taken a pounding. Unit for Contract and Casual Workers and e2i upgrade the skills of its local workers, sending Governments have been busy bailing (Employment and Employability Institute). them for training and teaching them to operate out troubled fi nancial institutions. Speaking to 275 union leaders and new technology. When the economic climate And the worst is yet to come, representatives from the Ministry of Manpower changed, it was able to rebound faster and Fwarned the National Trades Union Congress and the Singapore National Employers stronger than its competitors. Secretary-General Lim Swee Say. Federation at the Singapore Tripartism Forum, “This downturn will not last forever. After However, Singapore is better prepared for Industrial Relations Seminar on 9 October this downturn, there will be an upturn. If you this economic downturn than the previous one. 2008, SG Lim said adaptability is the key for want to be the fi rst off the block when the “In the last three years, when Singapore’s Singapore to survive this downturn. situation turns around, we need to get the economy was doing well, we did not become “There may be some ups and some downs strategy right. I believe that during a downturn, complacent. The tripartite partners continued but as long as we are able to adapt, we can the best thing to do is to work on pro-business to work very hard together, on one hand keep survive. As SNEF President Stephen Lee said, and pro-worker strategies – both at the same growing our economy, on the other, keep the uniqueness of Singapore is that we have time. This is the most sustainable strategy.” Fair Or Stormy, SMOU Sails On We plan to have 27,000 offi cers by 2015 for “2,700 vessels. The question is how can we train and retain offi cers, how to by attract more and, Marcus Lin importantly, handle the placement of s an island state and a bustling Good seafarers are made, not born, and they entrepot, it would not be illogical need good care to go that extra nautical mile. cadets.” to say that the shipping industry This is where the Singapore Maritime Offi cers’ is the lifeblood of the Singapore Union, a professional global tripartite maritime economy. And it is a multi-billion union, comes aboard. Their care and concern Mr Tay, who is also NTUC Vice- Adollar mega-industry that links all corners of goes beyond merely mariners’ interests. President, was speaking on “SMOU’s Role the world. “We are here,” according to SMOU General In Today’s Industrial Relations Climate” at the Unless you are talking about ghost ships, Secretary Thomas Tay, “to promote Singapore as Maritime Industrial Relations Forum – The good seafarers should be the fi rst item on THE international maritime centre, while looking Global Challenges, on 8 October 2008 ahead the manifest declared by any self-respecting after the employment, education and welfare of of the Singapore Maritime Week 2008 that shipowner. all seafarers regardless of nationality.” kicked off on 10 October 2008. NNTUCTW17Oct08new.inddTUCTW17Oct08new.indd 3 110/17/080/17/08 77:39:23:39:23 PPMM 4 workingfor • upturnthedownturn NTUC Media Co-operative Limited Chairman Noel Hon Chia Chun [email protected] Chief Executive Offi cer Seng Han Thong [email protected] Good Times, Bad Times, Chief Operating Offi cer Alvin Wong Pek Kin [email protected] The NTUC This Week Team Managing Editor Shirley Tan-Oehler [email protected] They Don’t Last A Lifetime Contributing Editor Leong Ching Deputy Editor Low Wee Poh [email protected] Making MoneySENSE Of A Crisis Senior Journalist Marcus Lin [email protected] Journalists Jansen Yeo [email protected] It’s not that we did Naseema Banu Maideen [email protected] by Executive Editor something wrong. Marcus Lin Ho Seo Teck (Chinese) [email protected] Journalist The Singapore Government, Wong Teck Tian (Chinese) [email protected] here could not be a more Art Director the Singapore enterprises, Edmund Seah appropriate time, right smack in the [email protected] midst of global fi nancial markets Executive Designers the Labour Movement of Mohamed Nasuhar Soeyoeti going berserk and spreading like [email protected] Charles Chong Singapore over the years wildfi re. The time when people [email protected] Tseriously wonder how safe their money is and Sales Joseph Loh were doing all the right [email protected] whether they have enough. Jimmy Lim To ease worries, the national fi nancial [email protected] things. But still there is no Mike Chew education programme MoneySENSE together [email protected] Chris Seng escape from this global with the Central Provident Fund Board and the [email protected] Anabel Lim National Trades Union Congress announced a [email protected] downturn.” Sam Gan new partnership on 11 October 2008. Called [email protected] “Be Savvy With Your $”, the public seminar Gena Ang [email protected] Lim Swee Say cum launch of the tripartite collaboration Marketing & Event Audrey Liu Jiaying is to bring fi nancial education [email protected] Jolynn Ang Shu Qin programmes to NTUC Members [email protected] and the working population over Subscription Jenny Liau the next two years.