The Standard Media Group has issued a notice of redundancy, that will affect over 300 employees across various departments.
“The redundancy notice takes effect upon expiry of the one-month notice issued today (July 31, 2024) and is expected to affect more than 300 employees across various departments. All the affected employees will be duly informed in writing,” the board wrote.
According to the group, the impacted workers will be compensated for the days they worked up until their departure date and get 15 days of severance pay (or as specified in the CBA for union-affiliated workers) for each full year of service.
In addition, they will get notice pay as stipulated in the employment contract, payment for accrued leave days that were not used at the time of departure, and pension obligations or gratuities as specified by the plan rules in the employment contract.
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The Board also explained why they came to this decision saying it was because of the difficult operating environment that has had severe effects especially on generating income.
“In reaching this decision, we took into consideration the difficult operating environment and its long drawn effect on revenue generation.” Part of their statement read:
Additionally, the board announced that it will rationalize its products to ensure that they remain aligned with the media landscape.
Below is there released statement:
