SINGAPORE: Online cashback portal ShopBack has announced a significant workforce reduction and revealed plans to lay off 195 employees, approximately 24% of its total headcount.
He said, “I made the mistake of pursuing too many directions as a company and expanding our team too rapidly. I take full responsibility for the decisions that have led to this situation.” Mr Chan highlighted the company’s challenges despite concerted efforts to curtail costs since 2022. He explained:
The severance package offered to retrenched employees includes pay for a minimum of two months’ notice period and additional severance pay calculated based on years of service or local statutory guidelines.
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