Keppel Corp Cuts 8000 Jobs

Reported in the news on 21st October 2016, Singapore Keppel Corporation has cut 8000 jobs. Keppel Corp has cited that the 8000 job cuts were due to weak energy prices which in turn affected profits. Keppel Corp is one of the worlds largest oil rig builders and FPSO builders. 

While Keppel Corp has cut 8000 jobs, senior managers from Keppel Corp have taken pay cuts and now there are plans to cut the Keppel Corp director fees.  The men and women at the lower end have lost their jobs and later the management and senior management take pay cuts. Its unfortunate. 

Keppel Corp Chief Loh Chin Hua has come out to say that Keppel Corp has cut its workforce by 8000 over the last few months. 

Keppel Corp said group net profit for the July-September period fell 38 percent from the previous year to Sg$225 million ($162 million) after net profit in its offshore and marine business plunged 93 percent- quoted in the papers. 

Keppe Corrp Cheif Loh also said Keppel is  realigning to look into building floating power or desalination plants. A local MNC is re-inventing itself and spreading itself to avoid future downturns like this. This is a lesson that all employees should pick up as well. 

Dont just depend on your job or a plan A, have a back up as well. Have plan B, C or D. Make multiple streams of income a possiblity. You dont know when you may be retrenched- the 8000 Keppel Corp employees didnt know that they would lose their jobs or be redundant. 

Get international qualifications that allow you to move to different countries or regions. For example the Cert IV in training and assessment to be a trainer or facilitator or assessor. 

Do more. Dont wait till you lose your jobs

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