DBS retrenchment has begun: 450 ppl in Singapore lost their job, including 55 year-old managing director

DBS Singapore has started its retrenchment. More than 450 Singaporeans were jobless since yesterday, this include a "managing director" who is 55 years-old. Besides DBS, POSB also affected. The compensation is 1 month salary for every year of service. So 20 years, 20 months of salary. Previously DBS annouce to cut 900 staffs from Singapore and Hong Kong, and more than half will be from Singapore.

星展集团（DBS）从昨天开始展开裁员行动，在本地的超过450名受影响的员工。

在上个星期五将在新加坡和香港裁退900名员工，其中超过一半来自新加坡。

除了星展银行外，储蓄银行（POSB）的员工也受到这一波裁员的影响。

至于赔偿，集团也表示会根据业界的惯例，也就是每服务一年就赔偿一个月。

The above is from the http://www.zaobao.com/cs/cs081114_507.shtml

And According to http://www.nanyang.com/wap/article.php?id=901613&head=international

星展银行昨起一连两天展开大规模的裁员行动，公司弥漫着一片愁云惨雾，就连资深的董事经理级等高层这回也丢了饭碗。

首批职员昨天接获被裁通知后，下午就有人收拾个人物件黯然离开，包括一名55岁的董事经理，他在星展银行服务超过20年。他说，昨早如常上班后，接到人力资源部的电话，不料却是被告知遭裁退，让他十分失望。

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