News: Malaysia Airlines to cut 6,000 jobs

Strategic HR

Malaysia Airlines to cut 6,000 jobs

Malaysia Airlines, the country’s loss-making flag carrier, will cut 30% of its workforce as part of a sweeping restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional Bhd said. The carrier will slash its staff by 6,000 to 14,000 as it takes steps to stem long-running losses worsened by two aircraft disasters this year, the state fund said in a statement on Friday. Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014, Khazanah said, adding that it aims to return the carrier to profitability within three years of the de-listing.

Malaysia Airlines, the country’s loss-making flag carrier, will cut 30% of its workforce as part of a sweeping restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional Bhd said. The carrier will slash its staff by 6,000 to 14,000 as it takes steps to stem long-running losses worsened by two aircraft disasters this year, the state fund said in a statement on Friday. Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014, Khazanah said, adding that it aims to return the carrier to profitability within three years of the de-listing.

Read the Live Mint news report here.

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Topics: Strategic HR, #Current, #Corporate

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