Over 300 Jobs Cut as Standard Media Group Restructures
The Standard Media Group Board has announced a significant reduction in its workforce, affecting over 300 employees across various departments. The redundancy will take effect on August 31, 2024, following a one-month notice period that began on July 31, 2024.
“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 stated.
Affected employees will receive payments for days worked until their departure, severance pay of 15 days per completed year of service, notice pay, payment for accrued leave days, and pension dues or gratuity as per their employment contracts and the Scheme Rules.
The decision, as explained by the Board, comes in response to a challenging operating environment and prolonged revenue generation difficulties. Technological shifts and evolving consumer preferences in media consumption have forced the Group to rethink its business model.
The Board expressed confidence that the restructuring would create a leaner, more efficient organization, better positioned for growth and improved performance. New leadership is also expected to contribute to business stability and continuity, enhancing the quality of journalism offered.
Additionally, the Group will rationalize its products to stay aligned with the evolving media landscape.
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Over 300 Jobs Cut as Standard Media Group Restructures
