Malaysia: Genting plans pay cut for staff

The operator is planning salary cuts between 20 per cent and 40 per cent due to the impact of Coronavirus.

Malaysia.- Genting Group Malaysia has made plans for a pay cut for staff due to the Coronavirus pandemic forcing the closure if its properties.

The casino-to-hospitality conglomerate is undertaking its first salary cut since it was founded in 1965.

Proposals suggest the figure could be as high as a 20 per cent reduction of basic salary for employees based on their ranking within the company.

According to Bloomberg, Genting Hong Kong Ltd. will suggest up to a 50 per cent cut for those holding vice president role or higher.

Genting COO, Tan Kong Han, said: “The businesses of the Genting Group have been badly affected, resulting in significant reduction in revenue.

“When business resumes, we would expect to face challenges to regain the level of business prior to the pandemic due to the adverse impact that Covid-19 will have inflicted on the domestic and global economies.”

Shares in the Malaysia branch of the company have fallen by 3.4 per cent, while dropping 2.2 per cent in Singapore.

However, Hong Kong branch shares rose 11 per cent.