Friday, January 23, 2009

2008 Year End Bonus vs Global Financial Crisis

If you received your 2008 year end bonus from your employer, you are considered lucky. If you get your salary increment and are still currently employed, you are lucky too. Many large corporate firms worldwide are laying off redundant staffs. Some are reducing the working hours and some are closing down certain outlets/offices/branches. Blame the global financial crisis.

Earlier this week, local new papers reported that there will be about 45,000 job loss after Chinese New Year (CNY) 2009. These 45,000 are mainly workers from factories and manufacturing companies which had to close down due to low product demand from western countries, especially United States. Yesterday, NST Online reported that there will be another 50,000 to loss job after CNY 2009. These 50,000 are civil service contract staff. The reason is 'it called on the government to be more sensitive to their plight'.

It's sad to know there will be about 95,000 job loss after CNY. Especially for those who are not prepared for such situation. That's why every working adult must have a sufficient emergency fund. At least the emergency fund can bring foods on the table until the next employment. It's never too late to prepare one.

Let's hope everyone will be able to face the global financial crisis with positive thinking and positive attitudes.

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