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Anyone got laid off an investment bank in Singapore?

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Utsav
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Anyone got laid off an investment bank in Singapore?

Postby Utsav » Wed, 05 Mar 2014 7:43 pm

I work in an I bank in Singapore and fear I'm about to be laid off. I work in product control /risk and bank is moving jobs to cheaper destinations.
My employment contract doesn't specify a notice period.
Anyone else had a similar experience?How long did your notice period last? I'm on an Employment pass.

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Wd40
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Postby Wd40 » Wed, 05 Mar 2014 8:04 pm

That is wierd! Are you a permanent employees? Read your contract again. There has to be something written related to termination of employment. While signing the offer letter, didn't you ask your HR what the notice period is?

If you are a permanent employee in a major IB, you will also get severance on top of the notice period. My bank gives 3 weeks salary for every year worked. The british bank that starts with B gives 1 month salary for every year worked. The severance isnt written in your contract btw, its company's policy.

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BillyB
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Postby BillyB » Thu, 06 Mar 2014 11:21 am

Are you sure your contract doesn't specify a notice period? Not heard of that before!

AngMoG
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Postby AngMoG » Fri, 07 Mar 2014 1:41 pm

If there's nothing in the contract, the min notice period by law applies. I believe it is two weeks.

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the lynx
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Postby the lynx » Fri, 07 Mar 2014 1:44 pm

AngMoG wrote:If there's nothing in the contract, the min notice period by law applies. I believe it is two weeks.


Only for those under Employment Act though. I think to be covered, one must earn below SGD4,500.

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ecureilx
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Postby ecureilx » Fri, 07 Mar 2014 7:20 pm

BillyB wrote:Are you sure your contract doesn't specify a notice period? Not heard of that before!


all permanent jobs quote 1 month notice for junior staff and 2 to 3 months for manager level and above ...

never heard of no notice period unless it is contract and it is ending soon ...


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