Massive job cuts at Singapore Press
130 employees faced retrenchment with hours' notice
Last week, Singapore Press Holdings announced massive job cut to be carried out by the end of this year.
Total 230 people will be affected, and 130 of them were retrenched on the same day of the announcement.
Some news portal reported that the retrenchment exercise was messy.
It seems that some employees came to work on Thursday afternoon to find their work accounts disabled, only to be informed to later that they had to exit the premises by 6pm.
Retrenchment range was from junior employees to veterans who had been with the company for decades.
SPH resorted to retrenchment even when their overall revenue rose 32% from the previous year.
Retrenchment was done at market rate, one-month salary for each year’s service, as recommended by the Ministry of manpower. Employees who are 58 years old and above received an additional month of remuneration for each year above that age.
This job cuts will see a total of 15% of the staff in the newsroom and sales operations being reduced.
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