For first time, Genting Group plans pay cut as virus shuts casinos

KUALA LUMPUR (Bloomberg): Casino-to-hospitality conglomerate Genting Bhd and its units are planning the first group-wide salary cut since its founding in 1965.

Genting, backed by Malaysian tycoon Tan Sri Lim Kok Thay, is proposing as much as 20% temporary reduction of basic salary for employees based on their ranks, while Genting Hong Kong Ltd suggests up to 50% cut for those holding vice president role or higher, according to internal memo seen by Bloomberg News.