Petronas commits to staff welfare amid job cuts, pledges competitive separation scheme
Published on: Tuesday, June 10, 2025
Published on: Tue, Jun 10, 2025
By: FMT Reporters Text Size: Last week, Petronas announced that the company would reduce its headcount by more than 5,000 people as it looks to cut costs due to falling crude prices. - FMT pic PETALING JAYA: Petronas has reaffirmed its commitment to safeguarding employee welfare amid a company-wide restructuring exercise that will cut about 10% of its workforce, including by offering competitive separation packages. The firm said that to support employees affected by this exercise, a comprehensive transition programme had been put in place, ensuring that every decision is made with fairness, respect, and professionalism.
Advertisement 'Impacted employees will receive a market-competitive separation package – one that exceeds the minimum statutory requirement,' it said in a statement. The energy producer also said that beyond financial support, affected employees would also receive emotional support services, career coaching and job search assistance, financial planning guidance, as well as access to programmes for medical assistance, upskilling, and reskilling. 'The packages and benefits are structured based on employees' years of service and may vary depending on employee category and eligibility,' it added. Last Thursday, Petronas president and group CEO Tengku Muhammad Taufik Aziz announced that the company would reduce its headcount by more than 5,000 people as it looks to cut costs due to falling crude prices. He said those affected would be informed in stages through next year and that a hiring freeze would remain in place until December 2026. Petronas today said it had formed a transition council and people development committees to facilitate talent mapping and ensure that placement decisions are made collectively, guided by established platforms. 'This process also follows the necessary legal requirements and adopts the required industrial relations practices,' it said. The firm added that it had engaged with the relevant departments on labour and industrial relations under the human resources ministry to ensure compliance with statutory requirements. Petronas is also collaborating with the Social Security Organisation through MyFutureJobs to explore placement opportunities for eligible affected employees in other sectors. The potential placement of affected staff with various other GLCs, including oil and gas companies, is being explored, Petronas said. 'Additionally, the company's entrepreneurship programme run under the Petronas Innovation Garage offers a guided pathway into business ownership for those exploring alternative career paths.' * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
42 minutes ago
- Daily Express
Ringgit opens higher against greenback as US-China trade talks resume
Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 By: Bernama Text Size: At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Kuala Lumpur: The ringgit opened higher against the US dollar on Wednesday, as the market resumed its observation on further trade negotiations between the United States (US) and China in London, an analyst said. At 8 am, the local note rose to 4.2290/2380 versus the greenback from Tuesday's close of 4.2360/2420. Advertisement Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) see-sawed between 98.962 and 99.358 last night as traders and investors continued to monitor the US-China trade talks. 'US secretary of commerce Howard Lutnick described the discussion as running well, suggesting the two nations could potentially arrive at a midway (point) in their negotiations,' he told Bernama. Meanwhile, Mohd Afzanizam said the debate on US President Donald Trump's 'Big, Beautiful Bill' is still ongoing among the US Senate, as some Republicans are pushing for the phasing out of the clean-energy tax credit on the grounds of protecting investors and jobs from major disruptions. He said the US fiscal position would be in the spotlight as fiscal deficits and government debt are expected to climb. 'While market sentiments demonstrated a positive sign, it is still an early day. On that note, we expect the ringgit-dollar exchange to remain range-bound between 4.23 and 4.24 today,' he said At the opening, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9200/9264 from Tuesday's close of 2.9270/9314, and strengthened versus the British pound to 5.7121/7243 from 5.7152/7233, but marginally lower vis-a-vis the euro to 4.8367/8470 from 4.8354/8422 yesterday. The local currency traded higher against its ASEAN peers. It gained versus the Singapore dollar to 3.2885/2957 from 3.2932/2981 at Tuesday's close and improved against the Thai baht to 12.9664/13.0040 from 12.9712/9955. The ringgit was slightly higher vis-a-vis the Philippine peso at 7.57/7.59 from 7.58/7.60 yesterday and inched up against the Indonesian rupiah to 259.8/260.5 from 260.2/260.7 previously. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
an hour ago
- Daily Express
Borneo Country Music & Food Fest, KaamatanGawai June 27
Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 By: Esther Glorie Leow Text Size: Ladiuslaus (centre), from left: Catherine Benedict, Petrus Chia, Datuk Stephen Sampil, Ladiislaus, Edmond Lo, Pius Jaua and Titik Mojigoh. PENAMPANG: Sabah will play host to two major events this month, the Borneo Country Music Festival & Food Fest 2025 and KaamatanGawai 2025. Both organised by the Kadazandusun Chamber of Commerce and Industry (KCCI). KCCI President Datuk Ladislaus Maluda said the Borneo Country Music Festival & Food Fest would be the first of its kind in the State, offering a vibrant blend of culture, music, entrepreneurship and cuisine. Advertisement Scheduled to be held at Buhavan Square on June 27, the event will feature performances by school bands, local talents and headline musical acts. A special preview evening will take place on June 26 during the sound check. 'Country music is a sound that resonates across generations in Borneo. It's not about trends, it's about timeless stories and rhythm,' said Ladislaus during a press conference at the KCCI Office on Tuesday. He said the food fest would showcase stalls run by young local entrepreneurs offering a creative range of street food, from gourmet burgers to modern Sabahan fusion cuisine. 'We're not looking for just the usual fried noodles or fried bananas. We want to see creativity expressed in culinary form,' he added. Simultaneously, the KCCI–DCCI Golf Challenge will tee off at Sutera Harbour, featuring 134 golfers. The winner will move closer to claiming permanent ownership of the prestigious inter-chamber trophy. On June 28, focus will shift towards business and development with a forum centred on the oil and gas sector. The forum will bring together regional leaders in environmental, social and governance (ESG), artificial intelligence (AI) and regulatory compliance. More than 30 exhibitors, including KKIP and Asia Euro will also participate, showcasing local processed goods, handicrafts, and innovations aimed at advancing the Borneo marketplace. The festivities will culminate with the KaamatanGawai Gala Dinner at the ITCC Grand Ballroom, featuring performances and dignitaries from both Sabah and Sarawak. 'This event is more than just a celebration of the harvest season. It also serves as a barometer of business success,' said Ladislaus. 'From live cooking stations to local wines and traditional handicrafts, we want to highlight what Sabahan and Sarawakian entrepreneurs are truly capable of.' * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
2 hours ago
- Daily Express
LPG issue: 10 food and beverage bodies asked to gather feedback
Published on: Wednesday, June 11, 2025 Published on: Wed, Jun 11, 2025 Text Size: 'Additionally, careful consideration is needed for business ownership status, quantity requirements, control and reporting mechanisms, monitoring and enforcement effectiveness, and strategies to curb leakages comprehensively,' Armizan said. PUTRAJAYA: A total of 10 food and beverage sales associations have been asked to gather feedback from their respective members and submit a memorandum of proposals regarding amendments to the Control of Supplies Regulations (PPKB) 2021. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said the memorandum should be submitted to the Technical Review Committee on Amendments, chaired by the Secretary-General of the Ministry of Domestic Trade and Cost of Living (KPDN). Advertisement He said an engagement session with the 10 associations was held Tuesday to scrutinise proposed amendments to restrictions on the use of subsidised liquefied petroleum gas (LPG) in trade and business, including considering the needs of micro and small-scale food and beverage vendors. 'Various recommendations and views have been put forward. Among the matters to be considered are the amendment parameters related to defining the business scale of the food and beverage sales involved. 'Additionally, careful consideration is needed for business ownership status, quantity requirements, control and reporting mechanisms, monitoring and enforcement effectiveness, and strategies to curb leakages comprehensively,' he said via his official Facebook page. The Cabinet Meeting on June 5 had agreed to KPDN's recommendation to amend the provisions of the PPKB gazetted in 2021, but details on several matters need to be finalised to ensure legal clarity. Also present at the engagement session was Rasah MP Cha Kee Chin, who is the chairman of the Special Select Committee on Domestic Trade, Entrepreneurship, Cost of Living and Agriculture. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
