The owner of the apartment building just changed contractor. They used to engage XYZ company to manage the apartment, lease, maintenance, etc...
Then now it's another company.
The staff were informed 2 weeks in advance. They weren't allowed to inform the residents.
So to us, the residents, overnight, the management changed. The staff just disappeared and a new team appeared at the counter in the lobby.
No. This is not like Singapore. The staff aren't redeployed to other apartments that XYZ company manages. Why would they? The other apartments are already fully staffed.
They were all let go. No warning. It's not like XYZ company is going bankrupt. It's just that they lost the contract to continue to manage this property and the employees for this site aren't required anymore.
I suppose it's quite normal in certain industries. Many people have lost their jobs in the US due to COVID, and probably many in the retail or F&B in SG also lost their jobs.
I do wonder though... if someone is in a vulnerable industry. Whatever that may be. Wouldn't they be more inclined to be better prepared financially?
And obviously this isn't the case.
Many people in many industries don't plan their finances for emergencies.
Many in the US live in debt. When they lose their jobs, the debt can easily overwhelm them in a few months unless they can quickly find another job and get back to paying their bills.
Remember. Around 40% of Americans hold consumer debt.
In SG it's around 10+%.
Also, it's not only the lower incomes which have these issues.
There are folks who have high incomes. Live a really good life when they have the job and make big bucks. Then they may suddenly lose their job and be homeless in a couple of months due to lack of financial planning, savings, and debt repayments.
Also, a lot of times, I realize that when people lose their jobs, they don't immediately downgrade their lifestyles. Somehow, many people believe that they can find jobs really quickly and get back to normal.
So they live normally for a couple of months and before they know it, they run out of funds and they lose their homes.
Brings me back to one of my old articles. A quote from my dad.
This is a good clip to watch.
Read between the lines.
He earned $300k-$600k a year. Lost his job and eventually ended up homeless.
Not much explanation about how he ended up homeless. But... think about it.
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