Daily Briefing: National Wages Council to update guidelines in the labour market; Fraxtor, QIP tie up to launch a property investment platform

And Pratt & Whitney lays off 20% of its Singapore workforce.

From ChannelNewsAsia:

The National Wages Council (NWC) will meet a second time this year to update the tripartite position on wages, as the COVID-19 pandemic continues to impact the labour market.

Manpower Minister Josephine Teo announced this after a meeting with National Trades Union Congress (NTUC) secretary-general Ng Chee Meng and president of the Singapore National Employers Federation (SNEF) Robert Yap.

The NWC is usually convened once a year. Members had already met earlier than usual this year, in March, because of the impact of COVID-19.

"Many employers took the cue from the NWC recommendations to manage excess manpower, such as implementing Flexible Work Schedule to time-bank the hours not worked whilst continuing to pay their workers salary in full, or supporting employees whose commission/OT pay were reduced to get a second job to supplement their income," said Teo

Teo noted the rise in unemployment and retrenchments in Q2, saying this was "in line with expectations".

Read more here. 

From DealStreetAsia:

Singapore based crowdfunding platform Fraxtor has partnered with private equity real estate firm Q Investment Partners (QIP) to offer an investment platform for institutional-grade real estate assets, according to a statement.

The platform, called the Fraxtor Platform, will allow accredited investors to make investments starting from as little as 20,000 British pounds.

Fraxtor sources deals globally to offer its base of co-investors on a blockchain-based platform.

QIP CEO Peter Young added the platform offered a new way for asset managers to raise funds and manage clients.

Singapore investors will be able to use the MyInfo service to sign up for an account.

Read more here. 

From ChannelNewsAsia:

Aircraft engine manufacturer Pratt & Whitney has laid off 20% of its workforce in Singapore - making up about 400 of the more than 2,000 employees it has locally,the firm announced.

Pratt & Whitney said its four companies unionised under the Singapore Industrial and Services Employees’ Union (SISEU) had informed SISEU of their intention to carry out a retrenchment exercise on Monday.

The four affected companies are Turbine Overhaul Services, Pratt & Whitney Component Solutions, P&W NGPF Manufacturing Company Singapore, and Component Aerospace Singapore.

Those retrenched under an earlier exercise by Eagle Services Asia, a joint venture between Pratt & Whitney and SIA Engineering, were among the 20% of the workforce laid off.

Pratt & Whitney said fewer local employees were affected by the exercise, with locals still making up more than 77% of its headcount here after the retrenchments.

Read more here.