About 32 employees from F&B manufacturer Yeo Hiap Seng (Yeo’s) were retrenched from their workforce of about 1,900 persons.
Samuel Koh, the group CEO, said that it was a “very difficult decision to make”, as the move comes in the wake of changing consumer patterns, retail conditions and cost pressures.
He added that “The changing market conditions and cost inflation meant that the group has had to evolve our business service model to be more efficient.
Yeo’s has a global footprint and this decision is consistent with our long-term strategic plan to transform and enhance the value of our business.”
The 32 retrenched employees account for less than 2% of the company’s workforce of about 1,900 people.
Yeo’s is also working with NTUC, the Food, Drinks and Allied Workers Union, and e2i to provide training, career guidance, as well as placement support to the workers who were affected.
They will also be given separation packages, with the group expecting to incur a restructuring charge that is one-off.