KUALA LUMPUR: Singapore’s leading media company Mediacorp is cutting 93 positions as part of a restructuring exercise to face an evolving media landscape and economic uncertainty.
The move affects just over three per cent of its total workforce.
The company said the decision was necessary to strengthen its long-term sustainability amid the “rapid and fundamental transformation” of the media industry.
Affected staff will have until the end of the month to apply for alternative roles in the organisation. If not placed, their final day will be Sept 30.
“As part of their retrenchment package, the affected staff will receive a severance payment of one month per year of service, up to 25 months or S$250,000, depending on their years of service, current salary and seniority.
“In addition, they will also receive a training grant to support skills upgrading and preparation for future career opportunities.
“Mediacorp is also partnering National Trades Union Congress’s e2i (Employment and Employability Institute) to provide job-matching services and career guidance,” it said in a statement today.
Mediacorp said affected workers would continue to receive well-being support for up to a year, along with assistance from the Singapore Union of Broadcasting Employees.
“This is a difficult decision and one not taken lightly. We are deeply grateful to our colleagues for their contributions, and our priority at this point is to ensure that those affected are supported with care, humility and dignity during this transition,” said Mediacorp chief executive officer Tham Loke Kheng.
The company said over the past few years, the media environment had undergone rapid and fundamental transformation.
Short-form, mobile-first and social-driven formats are becoming dominant, while traditional long-form content and platforms face mounting pressure to compete for audience attention and commercial revenue.
“Mediacorp has for several years now been taking proactive steps to rationalise its content portfolio and reallocate resources toward formats and platforms with stronger growth opportunities.
“The company has also reshaped parts of its organisation to focus more effectively on these new demands, including investing in new creative and operational capabilities and expanding access to emerging talent and skillsets essential for the future of content creation and delivery,” the statement read.
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