Samsung retrenching S'pore workers: Bloomberg

Samsung has started retrenching staff in Singapore, Bloomberg reported, citing people familiar with the situation.

The South Korean company on Oct. 1 called staff across different teams in Singapore into private meetings with human resource managers and their reporting managers, it was reported.

Those called in were reportedly informed of the retrenchment and severance package details, said a person familiar with the matter.

Mothership has contacted the National Trades Union Congress (NTUC) for comment.

Part of larger retrenchment exercise

Samsung is retrenching workers in Southeast Asia, Australia and New Zealand, which could affect 10 per cent of the workforce in certain markets.

This could amount to a reduction of thousands of jobs from its global headcount.

The South Korean company has about 147,000 staff overseas, more than half of its total employee of more than 267,800, according to its latest sustainability report.

It is not planning layoffs in its home market.

According to Bloomberg, citing a person with knowledge of the matter, job losses will affect less than 10 per cent of 147,000 overseas employees.

“Some overseas subsidiaries are conducting routine workforce adjustments to improve operational efficiency,” a Samsung spokesperson said.

“The company has not set a target number for any particular positions.”

Samsung recently trimmed about 10 per cent of jobs in India and some parts of Latin America, it was also reported.

Samsung's problems

Samsung has been feuding with employees in South Korea.

The company’s first strike ever in May 2024 was called by the largest of the tech giant’s several unions.

Samsung's woes stemmed from losing its high-tech products foothold, losing out to rival SK Hynix Inc, as well as Taiwan Semiconductor Manufacturing Co (TSMC).

The company's shares have slid more than 20 per cent in 2024, as the world’s largest maker of memory chips and smartphones struggles in key markets.

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