SIA to eliminate 4,300 positions

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.SingaporeAir to eliminate 4,300 positions

In response to queries from BT, a spokesperson for Singapore's flag carrier said:"The SIA Group has always had a strong Singapore core, which will be further strengthened after this exercise."

Maybank Kim Eng senior economist Chua Hak Bin suggested that the various government incentives may eventually help with job losses by the fourth quarter."I think Singapore deferred the point of reckoning. Many other countries saw unemployment jump in the second quarter." "Given the expectation that the road to recovery will be long and , it has come to the point where we have to make the painfully difficult decision to implement involuntary staff-reduction measures."

Including the S$8.8 billion, the Temasek-backed group has raised S$11 billion in liquidity so far and also has shareholder approval to issue a further S$6.2 billion in additional mandatory convertible bonds next year should it need to.

Source: News Formal (newsformal.com)

 

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