PETRONAS has established a Transition Council and People Development Committees to oversee talent mapping and placement.
PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) will roll out a market-competitive separation package to employees affected by the planned 10% workforce reduction under its strategic transformation initiative.
The national oil company announced last week that it will be cutting about 5,000 employees as part of its “right-sizing” exercise in response to an increasingly challenging global operating environment.
In a statement, PETRONAS said the transformation is aimed at strengthening its long-term resilience and supporting continued growth through focused investments and the development of a high-performing, value-driven workforce.
“While this is a very difficult decision, it is a necessary one to ensure PETRONAS can continue to grow and serve the nation.
“PETRONAS is committed to managing this process fairly, objectively, and systematically,” the group said.
PETRONAS stated that the separation package will include financial compensation exceeding minimum statutory requirements, along with additional support such as career coaching, job placement assistance, medical support, financial planning guidance, as well as upskilling and reskilling opportunities.
The packages and benefits offered will vary based on employees’ years of service, job category, and eligibility.
It is also working with the Social Security Organisation via the MyFutureJobs platform and engaging with government-linked companies to facilitate job placement opportunities for affected staff.
Additionally, PETRONAS said it will also offer a structured route into business ownership for those exploring alternative career paths via its Entrepreneurship Programme run.
To manage the transition, PETRONAS has established a Transition Council and People Development Committees to oversee talent mapping and placement.
The company said the process will follow structured governance and comply with relevant legal and industrial relations practices.
Engagements have also been conducted with respective Department of Labour and Department of Industrial Relations under the Human Resources Ministry to ensure the planned implementation meets the statutory requirements.
“Every decision is made with fairness, respect and professionalism. PETRONAS remains deeply committed to the welfare of its people and will ensure that those impacted are treated with compassion and respect,” it said.
