Mediacorp announced on Monday (1 Sept) that 93 positions will be cut from its workforce, citing the need to adapt to a “rapidly evolving media landscape” and an uncertain economy.
The move, which affects just over 3% of its staff, comes despite the company stressing it had spent years trying to avoid retrenchments by restructuring operations, reallocating resources, and cutting costs.
In a media release, Mediacorp said the media environment has been undergoing “rapid and fundamental transformation”.
It highlighted the dominance of short-form, mobile-first, and social-driven content over traditional long-form formats, alongside clients demanding more agile, platform-native campaigns with measurable results.
The company also pointed to inflation, trade disruptions, and market volatility as economic pressures that have made sustaining jobs increasingly difficult.
Source: Wikipedia
Mediacorp said it had previously taken several steps to stave off job losses, including streamlining processes, diversifying its content portfolio, and reallocating resources to higher-growth platforms.
It reported that part of these efforts included cost-saving initiatives and “careful trade-offs to preserve roles and provide stability”.
However, it noted that the “scale and pace of transformation now require further action to strengthen long-term sustainability”.
Mediacorp confirmed that 93 roles would be made redundant, describing it as “slightly over 3%” of its total headcount.
Affected staff will have until the end of September to apply for alternative roles within the organisation. Those unable to secure a position by then will leave the company on 30 Sept.
Retrenched employees will receive a severance payout of one month per year of service, capped at 25 months’ pay or S$250,000, depending on seniority and salary.
They will also receive a training grant for upskilling as well as access to the company’s wellbeing support programme for up to a year, to help prepare them for future career opportunities.
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Featured image adapted from Mediacorp and wutzkoh on Canva. Right image for illustration purposes only.