Report: 3,000 jobs to be slashed at Genting Malaysia Bhd

In April, Genting Malaysia, for the first time since its formation in 1965, undertook company-wide pay cuts to weather the economic storm brought on by the Covid-19 pandemic.  — Reuters pic
In April, Genting Malaysia, for the first time since its formation in 1965, undertook company-wide pay cuts to weather the economic storm brought on by the Covid-19 pandemic. — Reuters pic

KUALA LUMPUR, June 17 — Some 3,000 jobs are expected to cut at Genting Malaysia Berhad, according to a report by business news site Bloomberg. 

Quoting unnamed sources, the report claimed that downsizing measures have already begun at the hospitality and casino company. 

Genting Malaysia, employers to more than 20,000 staff in 2019, according to the report, has yet to respond to queries seeking to clarify the claim. 

In April, Genting Malaysia, for the first time since its formation in 1965, undertook company-wide pay cuts to weather the economic storm brought on by the Covid-19 pandemic. 

A month later, the group’s management team then announced it would be taking a 20 per cent pay cut in accordance with austerity measures introduced amid the ongoing pandemic.

Then, on May 25, the company announced it would undertake mutual and voluntary separation schemes for its employees. 

The announcement had been made through an internal memo by senior vice-president of human resources Quan Cher Siong later sighted by Malay Mail, who said the company had to assess and recalibrate its cost structure, including staffing needs, based on both current and anticipated future operating capacities. 

Today’s report did not mention if any retrenchment scheme would be offered to Genting Malaysia’s outgoing staff. 

Additionally, the report by Bloomberg today detailed how the company’s shares had surged 1.9 per cent as of this morning, while Genting Bhd rose 1.6 per cent and were among the biggest gainers in the benchmark FTSE Bursa Malaysia KLCI index that declined 0.2 per cent.

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