Standard Media Group poised to lay off over 300 employees

The Standard Media Group has announced a redundancy plan that will impact over 300 employees across different departments.

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In a notice dated July 31, 2024, the Board stated that the redundancy will be effective from August 31. The notice highlighted that all affected employees will be informed in writing.

Affected employees will receive payment for days worked up to their departure date, severance pay of 15 days for each year of service, notice pay as per their employment contract, payment for any unused leave days, and pension or gratuity in accordance with the Scheme Rules.

The Board cited the challenging operating environment and its prolonged impact on revenue generation as key reasons for the decision. The shift in media consumption trends, driven by technological advancements and changing consumer preferences, has prompted a reassessment of the Group’s business model.

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The reorganization aims to create a leaner, more efficient structure to improve performance and foster growth. The Group is confident that this restructuring, along with new leadership, will ensure business stability and continuity while enhancing the quality of its journalism.

Additionally, the Board plans to streamline its products to better align with the evolving media landscape.