[SINGAPORE] The sudden closure of Twelve Cupcakes last week once again shone the spotlight on axed workers left in the lurch, unsure if they will receive owed salaries and Central Provident Fund (CPF) contributions.
The closure affecting the bakery chain’s 80 staff is only the tip of the iceberg. From Jan 1 to Oct 23, 2,431 F&B businesses have gone bust, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said in Parliament on Wednesday.
According to MTI, four in five of those in business for up to five years had never made a profit.
What doesn’t help is how several F&B establishments did not have orderly winding up procedures or proper compensation packages. This left many of their staff in financial crisis,…