Quoting unnamed sources, financial daily The Edge reported that downsizing measures have already begun at the hospitality and casino company.
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 percent 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.
Genting Hong Kong Ltd had suggested up to a 50% salary reduction for top-level executives.
Chief operating officer Tan Kong Han had previously said that the group hoped to avoid lay-offs even though payroll was one of its biggest cost components.
The group employed more than 20,000 people in 2019.
Today’s report did not mention if any retrenchment scheme would be offered to Genting Malaysia’s outgoing staff.
The announcement had been made through an internal memo by senior vice-president of human resources Quan Cher Siong, who said the company had to assess and recalibrate its cost structure, including staffing needs, based on both current and anticipated future operating capacities.