ACCOUNT manager Michael became a victim of the global financial crisis last Friday - he was retrenched from his public-relations job.
The 30-year-old told my paper that he joined the international firm in Singapore earlier this year. He declined to give his full name as he is serving his one-month notice.
Michael is among thousands of workers around the world - from Mumbai to London - who have lost their jobs as the credit crunch forces companies to cut costs to stay afloat.
Jet Airways, India's top private airline, said yesterday it had axed 800 flight attendants and suspended expansion plans due to a slowdown in demand.
On Tuesday, PepsiCo said it would cut 3,300 jobs and close six plants to save US$1.2 billion (S$1.8 billion) over three years.
The layoffs will affect managerial and factory jobs globally.
Even civil servants are not spared. Britain will retrench nearly 10,000 workers from its Ministry of Justice as part of a round of budget cuts amid the tough economic climate, The Times said yesterday.
Here in Asia, the outlook on employment is grim, with recruitment firm Hudson saying yesterday that job openings for executives in the region are at a four-year low.
Its survey showed that Hong Kong will see the sharpest slowdown in executive hiring, with only 32 per cent of respondents in the city planning to hire this quarter, marking a five-year low.
This was followed by Singapore, where 37 per cent of firms said they would hire this quarter, down from 43 per cent in the third-quarter survey.
Swiss bank UBS said yesterday that it is looking to add only about 100 client advisers in the region, a lower rate than the 350 annually in recent years.
