The purpose of this essay is to explore how the key agencies or Unions help the Singapore business to step out from global financial crisis in year 2008/2009. This essay will look into Murata Singapore Private Limited, one of the affected electronic companies during this recession. The conclusion will justify the solution that the Company has taken to resolve the situation.
Global financial crisis begins with the bankruptcies of Lehman Brothers, the fourth largest US investment bank, has caused a stir to global economy. Singapore was badly affected by this financial crisis particularly in electronic sectors. The electronic sectors have dropped by 14%. (Cited http://news.asiaone.com/print/News/The+Business+Times/Story/A1Story20081127-103867.html, 11 February 2011)
1.Ministry of Manpower (MOM)
Ministry of Manpower (MOM) administers all related employment act in Singapore. Their role is to control labour issues such as foreign labour employments, annual leave benefits, work place health and safety, annual wages, public holidays and retirement age policies. They also provide legal framework to balance the interests of employers and employees and negotiation services to employer and union to reach a settlement goal. They are aimed to develop good labour relations and good workplace for cohesive society. (Cited http://www.mom.gov.sg, 09 February 2011)
2.National Trade Union Congress (NTUC)
The role of National Trade Union Congress (NTUC), is to build a good labour relations between employers employees and their priority is to save jobs during financial crisis. NTUC also provides funding schemes eg. Skills Development Fund (SDF), Skills Redevelopment Programme (SRP) and Union Training Assistance Programme (UTAP). NTUC work closely with Singapore Workforce Development Agency (WDA) and Employment and Employability Institute (e2i) to help the retrenched workers with job and training opportunities. A one-stop advice and...