Suntec Singapore Convention & Exhibition Centre (Suntec Singapore) will be accelerating its business transformation to focus on evolving opportunities with a leaner workforce and a renewed business strategy.

Unionised under the Building Construction And Timber Industries Employees' Union (BATU), Suntec Singapore has been working with the union since February to implement cost-cutting measures including non-essential spending, hiring freezes, and temporary salary reductions.

The management of Suntec Singapore has also taken up to 40% in pay cuts.

Following “considerable deliberation and review” between Suntec Singapore and BATU, some 85 employees will be retrenched across the company including sales, finance, and HR due to uncertainty on when the situation could improve.

In a statement on August 27, Suntec says the retrenchment exercise has been considered in “close consultation” with BATU, in compliance with the NTUC Fair Retrenchment Framework, tripartite advisories as well as the collective agreement with the union, to ensure a caring, transparent, fair and responsible process.

"This decision has not been taken lightly and does not in any way reflect the performance of any staff. Every individual in our team has contributed to the success of our company for many years and I am truly sorry to have to ask many of our wonderful and talented people to look for alternative employment,” says Suntec Singapore CEO Arun Madhok.

Affected and eligible employees will be receiving a month's salary for every year of service as severance payment, in accordance with the collective agreement signed with the union. Eligible staff will also be paid their pro-rated annual wage supplement for the year and be allowed to encash their remaining annual leave entitlements.

Local staff will also receive assistance from the NTUC Job Security Council (JSC) to be matched to job openings based on their skills and experience.

NTUC’s e2i (Employment and Employability Institute), as the ecosystem manager for the NTUC JSC, has successfully identified at least two job opportunities for every affected local staff.

Units in Suntec REIT closed 1 cent lower, or 0.7% down, at $1.40 on August 27, prior to the announcement.