Singapore Press Holdings to cut 5-10 per cent of workforce

[ROCKERS]

Saw the news at Yahoo...website.
Well the lay offs had arrived! Heard that the Electronics Manufacturing is gonna be hit next....Anyone with information's.

Singapore Press Holdings (SPH) is expected to trim up to 10 per cent of its workforce as part of a company-wide restructuring exercise, according to a Bloomberg report.

Between five and 10 per cent, mostly part-time workers, are expected to go, the financial news agency reported Wednesday (12 Oct), citing three people with knowledge of the matter.

Bloomberg also said that the Singapore media conglomerate is planning to merge two tabloids, The New Paper and My Paper, and the new “free sheet” will focus on providing news to business-savvy readers to compete with MediaCorp’s Today newspaper.

According to its financial report for the fiscal third quarter, as of end-May this year, SPH had a head count of 4,229 employees, and its staff costs amounted to some $277 million.

Multiple sources within SPH told Yahoo Singapore that the media group plans to hold a town hall with its employees next Monday (17 October).