Mediacorp, Singapore’s main media network, is letting go of 93 employees as part of an effort to adapt to the rapidly evolving media landscape. The company announced this on Monday, September 1, saying the move is meant “to better align its operations amid ongoing economic and commercial uncertainty.” The 93 jobs being cut make up a little more than 3 per cent of Mediacorp’s total staff.
The company didn’t say exactly which departments are affected, but it did say it’s happening across the entire organization. This decision was made because the way people consume media has changed a lot. There’s a huge demand for short, mobile-friendly videos and content made for social media, while traditional TV shows and platforms are struggling to keep up. This is also happening at a time when the economy is uncertain, with things like inflation and trade problems adding to the pressure.
Mediacorp’s CEO, Tham Loke Kheng, said in a statement that this was a tough decision to make. “This is a difficult decision and one not taken lightly,” she said. She also added that the company is really thankful for the work the employees have done and that their main focus now is to make sure those who are affected are supported “with care, humility, and dignity during this transition.”
To help the affected staff, Mediacorp is offering a severance package. This includes one month’s salary for every year the person has worked there, with a maximum payout of 25 months or S$250,000, depending on their salary and how long they’ve been with the company. The employees who are being let go have until the end of September to try to apply for other jobs within Mediacorp. If they don’t find a new role by then, their last day will be September 30.
Desmond Choo, advisor for the Singapore Union of Broadcasting Employees (SUBE) and NTUC’s deputy secretary-general. He was quoted as saying, “We understand that the media industry is undergoing significant changes, driven by technological advancements and evolving audience content habits. SUBE is committed to standing alongside our members during this transition.”
The company is also working with the Singapore Union of Broadcasting Employees (SUBE) and the NTUC’s Employment and Employability Institute (e2i) to offer extra help, like job-matching services and career coaching. Mediacorp said that they have tried to avoid this by making other changes and cutting costs, but the fast pace of change in the industry required them to take this step to make sure the company can stay strong in the long run.
