KUALA LUMPUR - The government has approved Malaysian Airline System Bhd's (MAS) latest restructuring plan that will see up to 6,000 jobs being cut, said sources.
The Cabinet approval follows state asset manager Khazanah Nasional Bhd consenting to the comprehensive revamp of the national carrier, which has suffered financial losses for years. "All okay," said a source yesterday when asked whether the Cabinet approved the plan.
The plan will include shaving off thousands of jobs, putting in place opportunities for retraining staff and drawing up retrenchment packages. About 30 per cent of MAS' workforce of 20,000 may be trimmed under the restructuring exercise.
The Malaysian Insider had earlier reported that the plan also included roping in top foreign executives to help turn around the carrier.
Apart from staff cuts, the latest plan will see the carrier dropping unprofitable routes and scaling down the flight frequencies as well as reviewing lopsided contracts signed with various stakeholders.