Genting Malaysia is asking some employees to agree to a temporary reduction of 15% or 20% in basic salary based on their ranks.
Genting Malaysia, a unit of conglomerate Genting Bhd
. that’s controlled by Malaysian tycoon Tan Sri Lim Kok Thay, is asking some employees to agree to a temporary reduction of 15% or 20% in basic salary based on their ranks, according to an internal memo dated March 1 seen by Bloomberg News. Some workers are being asked to take one day a week of no pay leave.
The cuts will be in effect until May, according to the memo. Senior management have voluntarily agreed to waive 20% of their salaries for the same period, it said.
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