News: ExxonMobil to cut 7% of Singapore workforce by 2021 end, blames ‘unprecedented market conditions’

Recruitment

ExxonMobil to cut 7% of Singapore workforce by 2021 end, blames ‘unprecedented market conditions’

The Singapore layoffs come weeks after Exxon announced its plan to close its 72-year-old Altona refinery in Australia and convert it to an import terminal. The top U.S. oil producer, once America's most valuable company, posted a historic annual loss for 2020 after the coronavirus pandemic slashed energy demand.
ExxonMobil to cut 7% of Singapore workforce by 2021 end, blames ‘unprecedented market conditions’

COVID-19 is making waves all around the shore as Exxon Mobil corps announced layoff of 300 jobs in Singapore,home to its largest oil refining and petrochemical complex, by the end of 2021. 

All the affected staff are professionals and managers due to “unprecedented market conditions” resulting from the pandemic, the company said in the statement. 

The layoff amounts to 7% of the around 4,000 Singapore workforce in the petrochemical complex. Refinery produces about 592,000 barrels per day of oil and includes its biggest integrated petrochemical production site.

"This is a difficult but necessary step to improve our company's competitiveness and strengthen the foundation of our business for future success," said Geraldine Chin, Chairman and Managing Director, ExxonMobil Asia Pacific Pte Ltd.

The company added that the firm will provide support including counselling and outplacement services to the affected colleagues. Yet the consensus is that as the business world is facing a talent deficiency around the world, the layoffs are adding more pressure on the professionals. 

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Topics: Recruitment, #Layoffs, #Jobs

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