Mediacorp is shedding 93 workers, or barely over 3% of its whole employees energy, to adapt to “the
quickly evolving media panorama and to higher align its operations amid the prevailing financial and business uncertainty.”
The corporate didn’t element the departments affected by the retrenchment, however shared that it was an organisation-wide train, in response to CNA.
Affected employees could have till the top of Sept to use for various roles inside the organisation, nevertheless, those that are unsuccessful will see their employment finish after Sept 30.
They’ll obtain a severance cost of 1 month per 12 months of service, as much as 25 months or S$250,000, relying on their years of service, present wage, and seniority. As well as, they may even get a coaching grant to assist abilities upgrading and preparation for future profession alternatives.
Mediacorp can be partnering with the Nationwide Trades Union Congress’ (NTUC) Employment and Employability Institute (e2i) to offer job-matching providers and profession steering.
All affected workers will proceed to have entry to Mediacorp’s wellbeing assist programme for as much as one 12 months. They may even obtain assist from the Singapore Union of Broadcasting Workers (SUBE).
A quickly altering media panorama & financial uncertainty
Mediacorp’s announcement comes amid a wave of restructuring throughout the media trade. In Jul, Tech in Asia mentioned it was streamlining operations, slicing employees, and shutting down its Indonesian publication as a part of cost-saving measures.
Globally, media corporations are additionally grappling with shifts in viewers behaviour and promoting fashions, with short-form, mobile-first, and social-driven content material rising in dominance whereas conventional long-form codecs face mounting stress.
Mediacorp famous these modifications, stating: “Shopper expectations have additionally developed. There may be rising demand for extra agile, tailor-made, and platform-native campaigns that ship measurable efficiency. Content material-driven methods and cross-platform supply are actually norms within the media ecosystem.”
These trade headwinds are compounded by international financial pressures, together with inflation, commerce disruptions, and market volatility—challenges which have impacted not simply the media sector, but in addition industries reminiscent of know-how, logistics, and F&B, lots of which have seen important layoffs in current months.
As an illustration, logistics supplier Ninja Van has laid off about 12% of its Singapore workforce on Aug 12, and had additionally beforehand performed layoffs in Apr and Jul 2024.
Nearly per week in the past, 30 workers had been laid off by Changi Journey Providers, with the corporate citing a “strategic overview amid evolving market circumstances.”
Mediacorp mentioned it has been taking proactive steps to answer these shifts over time by rationalising its content material portfolio, reallocating sources towards higher-growth platforms, and investing in new inventive and operational capabilities.
“These modifications assist the corporate’s continued dedication to fulfilling its function as Singapore’s nationwide media community and strengthening its capacity to serve audiences with significant, prime quality content material.”
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