Over 100 employees from two of the major vehicle distribution Inchcape in Singapore are going to be laid off in the next few weeks, causing disturbance among the staff. The news comes as a part of Toyota agent Borneo Motors and Suzuki agent Champion motors efforts to cut back on expenses, as they are in the process of restructuring their operations in South-east Asian Nation.
Apart from laying off the 100 employees, The Inchcape’s chief executive for South Asia and managing director of Borneo Motors, Koh Ching Hong, will be resigning from his post at the end of January 2017.
The decision comes as a surprise since the company; Inchcape was doing well given that Borneo Motors was on top of the Sales charts in the last few years. The Straits Times reported that this could be company’s smart move to maintain the continuous flow of operation despite the expected economic slump.
Reportedly, the company is also considering to move its IT and Finance sections out of Singapore.
The IBTimes noted that Singapore is going through a tough time in terms if economy. The experts say that this downfall cannot is unavoidable and about 12,000 workers have been laid off in the first three-quarters of this year.