Good as MAS finally begins its revamp exercise.
Bad as Khazanah has to pump in money (tax payers' money) and some one third of the 20,000 employees are losing their jobs.
KUALA LUMPUR: Termination letters from Malaysia's loss-making national carrier Malaysia Airlines (MAS) are expected to begin arriving at the homes of around 20,000 staff from Monday (Jun 1) onwards.
As part of its restructure, MAS is letting go all of its staff - but two-thirds are expected to receive offer letters to the airline's new incarnation, set to begin operations in September.
Sources tell Channel NewsAsia that some staff have already received their termination and offer letters, but not all have been offered the same position that they held previously in the company.
This overhaul of MAS comes as new CEO Christoph Mueller attempts to bring the airline back to profitability within three years. The company has suffered continuous losses since 2008 despite restructuring plans and billions of dollars worth of lifelines from the government.
MAS' image was also hit after the MH17 and MH370 aviation tragedies in 2014.
As part of this latest restructure, Malaysia Airlines has been selling off assets including its stake in travel distributor Abacus. It is also downsizing its fleet and is expected to slash routes in a bid to rein in costs.
Source: CNA
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