RETRENCHMENT and unemployment in Singapore eased in the third quarter, but the current quarter posted some prominent layoffs. From the beverage sector to consumer electronics and e-commerce, here are some of the major job cuts that grabbed headlines this year.
Yeo Hiap Seng and Oatly, Singapore, 59
Beverage giant Yeo Hiap Seng (Yeo’s) will lay off 25 of its employees directly involved in the manufacturing operations of Oatly.
These are in addition to the 34 Oatly staff affected by the closure of the Swedish oat milk producer’s plant here, taking the total to 59.
The remaining 16 of the 41 Yeo’s employees at the plant have been redeployed to other roles within Yeo’s, the company said on Dec 19.
The Swedish producer announced on Dec 18 its plans to close its Singapore facility to improve the company’s future cost structure and reduce future capital expenditure needs.
Canon, Singapore, undisclosed
Japanese tech giant Canon laid off an undisclosed number of employees at its Singapore office, affecting “a low single-digit percentage” of its 700-strong workforce here, The Straits Times reported in December.
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The Canon Singapore office oversees the sales and marketing activities in India and South-east Asia.
Doctor Anywhere, South-east Asia, 45
The telemedicine provider said it is shedding 45 jobs, or 8.1 per cent of its total headcount, across Singapore and South-east Asia, to cut costs and reprioritise operations. Founder and chief executive Lim Wai Mun announced the layoffs via an e-mail to staff earlier this month.
The move will impact staff in roles deemed duplicative as the company streamlines operations and restructures its tech team, a Doctor Anywhere spokesperson said on Dec 13.
Carousell, Singapore and regional, 76
The online ad and classified platform axed 76 jobs across its regional offices on Dec 6 shortly after a company-wide town hall on the same day. The affected staff represents 7 per cent of the total headcount and includes employees in the Singapore office.
Carousell said that the layoffs were conducted to match market reality in some business units, and to reallocate resources to areas that show promise. “These adjustments aim to ensure the long-term sustainability and operational efficiency of our group,” said a spokesperson.
This round of layoffs follows cuts made in December 2022, where 110 employees were affected as part of cost-cutting measures. Laku6 – a company Carousell acquired in July 2022 – also laid off about 17 per cent of its employees.
Samsung Electronics, global, undisclosed
The electronics giant was laying off workers in South-east Asia, Australia and New Zealand as part of a plan to reduce global headcount by thousands of jobs, according to a report by The Straits Times.
The Korean company in October laid off an undisclosed number of jobs in Singapore, with a spokesperson in the city-state saying then that the cuts were part of “routine workforce adjustments to improve operational efficiency”.
Bloomberg News had earlier reported the job cuts could affect about 10 per cent of the workforces in the markets in South-east Asia, Australia and New Zealand, although the numbers for each subsidiary may vary.
The world’s largest maker of smartphones and memory chips has been struggling this year – reflected in the 33 per cent slump in its share price.
It has fallen behind rival SK Hynix in the memory chips used for artificial intelligence, and has made little progress against Taiwan Semiconductor Manufacturing Co in the production of custom-made chips.
Dyson, Singapore (undisclosed), UK (1,000)
The Singapore-headquartered consumer electronics manufacturer in a surprise move on Oct 1 laid off an undisclosed number of workers in the country. This blindsided a union that it had signed a collective agreement with.
The spokesperson declined to comment on the number of workers and types of roles affected, as well as the severance package offered.
The company employed over 1,920 staff here as at the end of 2023, after expanding its head count by 35 per cent that year.
The retrenchments come after it announced in July that it would lay off about 1,000 of its 3,500 staff in Britain as part of a global restructuring.
Shein, Singapore, 17
The fast-fashion online retailer laid off 17 jobs at its headquarters in Singapore, as it prepares for a public listing in London, shifting from its earlier plans to list in New York, according to a report by The Straits Times.
Founded in China, the company said it would continue to expand its operations in Singapore. It noted in September that it restructured the Singapore arm of its IT research and development team, relocating some positions to other markets.
Ninja Van, Singapore, 5%
The logistics technology company laid off 5 per cent of its workforce in Singapore, it said on Jul 1. This comes as the firm retools itself for its expansion into new logistics segments that was announced in April, The Straits Times reported.
There are about 450 staff based at its Singapore corporate headquarters in Kay Siang Road, near the Tanglin area, with those working in technology numbering over 100 in the Republic overall.
MoneyHero, Singapore, 80
The fintech company that runs platforms such as Seedly and SingSaver in Singapore has laid off 80 employees to cut costs. In an internal e-mail in July, chief executive Rohith Murthy said strategic realignment was one of the reasons for the job cuts.
An October 2023 report in The Straits Times said that the group employed 349 staff across five markets – 99 of them in Singapore.
Nasdaq-listed MoneyHero operates online personal finance platforms that recommend financial products in Singapore, Hong Kong, the Philippines and Taiwan.
Epson, Singapore, 350
Singapore Epson Industrial (SEP) will wind down operations at its local plant over the next three years in a move that is expected to affect some 350 employees, according to The Straits Times.
The Japanese electronics company – known for its printers and projectors – plans to scale back activities at its Tuas plant and transfer part of the site’s operations to other facilities overseas by 2027, it said on Apr 19.
Activities at SEP’s plating plant and central warehouse in Jurong will be unaffected.
Lazada, Singapore, undisclosed
The e-commerce platform kicked off 2024 with a round of job cuts, which tore through all roles and regions as well as the logistics arm, Lazada Express.
The retrenchments at the Alibaba-backed e-commerce giant in January did not surprise some former employees.
They told The Business Times there were signs that Lazada was not doing well, as seen in the absence of bonuses in 2022 despite good performances, and its inability to knock Shopee off its perch when the rival was going through a tough patch.
The layoffs were said to have stretched from junior to senior roles, with some regional operations affected much more than others. The exact number of employees laid off is unknown, with a CNA report saying about 100 staff in Singapore were laid off.
