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Friday, February 21, 2020

SATS is offering early retirement besides other measures to save jobs

The early retirement scheme which is being offered to all permanent SATS staff is reminiscent of the SARS situation in 2003 with SIA.
One has to remember that the recipients of the early retirement will have to pay a certain portion of the money they received to Inland Revenue unless their positions are made redundant.
The formula for the early retirement scheme would probably be the same as SIA's back in 2003 i.e. 1 month of last drawn salary for every year of service up to a maximum of 25 months. The closer the staff is to the retirement age, in this case is 62, the lesser one will be paid. I was paid the maximum of 25 months of my last drawn salary in 2003 when I had 5 years of service left. Some of my older colleagues got less than me.
Good luck to SATS and its staff!

7 comments:

Anonymous said...

Good days are coming again..
Hope this Wuhan thing dont go away

Kflytim said...

Ah Uncle BT, the same old cards in the 2003 playbook coming out again! But Lau Lee has gone home... wonder if history repeats itself again and what new cards will be created this time?? Only time will tell.

(But SATS is now no longer part of SQ unlike 2003 days for better?? or for worse)

Boh Tong said...

Hi Tim,
Nice to hear from you again. You are absolutely
right. Let's hope this COVID-19 will go away
quickly.

Anonymous said...

My opinion is that its not going away soon.Will be bad for all airlines inclusive.Every paxs and crews a potential carrier,nonsense about visible service etc,pointless if Covid 19 is on board.Especially sop of crew to clean toilet,in contained room,potential infections ,and aerosoiled flush,of no sysmtem covid carrier.Comparable to worse jobs to be,next to screeners,could be a death sentence.Rather have normal service,but virus free crew serving or screwed for ever.Seems covid 19 is forever,sad to use the word,zoombies.Say your prayers.

Anonymous said...

why want to go away fast? light load, emptu streets and mrt, more off days in the form of uncalled standbys. why not?

Anonymous said...

Breaking news,Covid virus found in urine,which means Inflight toilet infectious point of contact and implications of New water need stronger ultraviolet and ozonation,which could mean Bedok Reservoir unsafe for recreational use.Am I mistaken ?Hopefully !

Kflytim said...

Hi Uncle BT, next card out from the SATS deck...

https://www.straitstimes.com/business/companies-markets/sats-announces-more-pay-cuts-warns-of-substantial-financial-hit-from

Comparing to SIA (https://www.straitstimes.com/singapore/sia-chief-senior-staff-take-pay-cut-as-air-travel-demand-drops) it seems that SATS is playing the game much more fiercely... next stage to watch is when SATS triggers the full MVC 10% for all its Executive staff (including AOs) :I