Is there guarantee for golden handshakes or severance pay? 🤝 💰 The short answer is no. For context, in Singapore, severance pay (also known as retrenchment benefits) is not mandatory by law. However, the Ministry of Manpower (MOM) strongly encourages employers to follow Responsible Retrenchment Practices. These guidelines recommend providing severance pay to help employees transition after retrenchment. The story and learning point: I recently consulted a client who was "suddenly" terminated by his company after a relatively long stretch of service. The company did not provide a clear reason to the termination and while he can take steps to confront this seemingly unjust termination, there is really little he can do especially if the company is facing financial difficulty and downsizing. Such cases are rare but you wouldn't want to be the helpless "victim". To be upfront, my take is that the onus rests on the individual and if you haven't wrapped your head around this, I will say it clear. Companies prioritize business' bottom line. If that bottom line is breached, everything goes out of the window. It's probably too late to cry over spilled milk then. Solution: Invest in yourself. Learn, upskill and constantly challenge for roles that stretch your abilities. That's how you remain employable even if a curveball strikes. P.S. Reach out for coaching to understand what you can do. Especially for senior professionals, this is the first base you want to protect.
👋 Reach out via a quick DM or email [email protected] Alternatively if you want to jump right into an exploratory call, here's the booking link: https://cal.id/jkchan