MoF says 6,170 people laid off by GLCs to-date

MoF says 6,170 people laid off by GLCs to-date
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KUALA LUMPUR (Oct 26): The Ministry of Finance (MoF) revealed that some 6,170 employees have been laid off by large government-linked companies (GLCs) so far this year, mainly by Malaysian Airline System Bhd (MAS) and Petroliam Nasional Bhd (Petronas).

In a written reply to Segambut’s member of parliament Lim Lip Eng, MoF said there were five GLCs under the G20 category that terminated or did not renew employment contracts to-date, with MAS topping the list after laying off 4,682 people, followed by the Chemical Company of Malaysia Bhd (153).

The other three are Boustead Holdings Bhd (151), Affin Holdings Bhd (146) and MAS’s new entity, Malaysia Airlines Bhd (2).

As for companies owned via the Ministry of Finance Inc (MoF Inc), MoF said Petronas has laid off 1,000 people, while Bank Pertanian Malaysia Bhd (Agrobank) has terminated 36 people.

“These employment terminations are due to cessation of operations, entities consolidations and adjustments made to adapt to the [prevailing] business environment,” MoF said.

“Nevertheless, these companies have ensured that every employee involved are offered fair compensation based on their respective rights under the Collective Agreement,” it added.

The MoF was responding to Lim’s query on the year-to-date's termination statistics under job cutting measures taken by GLCs, state-owned companies via MoF Inc, and banks.