The move is not correlated with previous incidents or whistleblowing reports, it emphasises
SINGAPORE Post (SingPost) will lay off 45 employees “in the coming months” in a move to restructure the company, it said in a statement on Wednesday (Feb 19).
Those affected by the layoffs are primarily in corporate support units, with a “small number” from the international business unit.
The company said that the move is meant to “right-size and devolve corporate functions to its business units”. It added that the initiative will eliminate duplicate functions and “improve the agility and efficiency of the business”.
It noted that the restructuring is the result of prolonged macroeconomic challenges, such as intense competition.
SingPost emphasised that the layoffs are not correlated with previous incidents or whistleblowing reports.
The company also said it has exhausted options to find employees alternative positions within SingPost for those in the affected roles. All the staff who have been affected will have access to outplacement and counselling services during this time.
“We are committed to managing this process with utmost care for our employees involved,” the company said.
The company had earlier fired chief executive Vincent Phang, chief financial officer Vincent Yik and chief executive of the international business unit Li Yu on Dec 21, 2024, for their handling of a whistle-blower report.
SingPost shares closed down 0.9 per cent or S$0.005 at S$0.56, before the statement was released.
Copyright SPH Media. All rights reserved.
