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Malay Mail
31-07-2025
- Business
- Malay Mail
Putrajaya: Workers in Petronas staff cuts getting compensation, transition support
KUALA LUMPUR, July 31 — All 5,000 Petronas staff affected by a recent restructuring exercise have been compensated with separation packages and are receiving support through a structured transition programme, the government confirmed today. In a written parliamentary reply to Jerai MP Sabri Azit, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said disclosed that the state oil firm has set up two panels for this matter. 'Petronas has established a Transition Council and a Human Capital Development Committee to ensure fair and organised redeployment of staff, in line with labour laws and industrial best practices,' she said. She said the support programme includes career coaching, emotional support, skills training, financial planning, and job placement assistance, with cooperation from Socso, government-linked companies (GLCs), and Petronas' own entrepreneurship initiatives. Azalina added that the restructuring is part of Petronas' transformation strategy to remain competitive amid the global energy transition and will not affect its contributions to government revenue or national development plans. Last month, financial news agency Bloomberg reported that Petronas would cut about 10 per cent of its workforce as part of a major restructuring to reduce costs amid falling crude oil prices. At the time, Petronas CEO Tan Sri Tengku Muhammad Taufik Aziz was also reported as saying that the company would implement a hiring and promotion freeze until the end of 2026. Prime Minister Datuk Seri Anwar Ibrahim had previously commented on the matter, noting that many of the affected staff were employed on a contract basis.
Daily Express
10-06-2025
- Business
- Daily Express
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
Free Malaysia Today
10-06-2025
- Business
- Free Malaysia Today
Petronas commits to staff welfare amid job cuts, pledges competitive separation scheme
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. 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. '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.'
Free Malaysia Today
08-06-2025
- Business
- Free Malaysia Today
Ensure fairness, union urges Petronas ahead of job cuts
Petronas workers seen on an offshore platform in a file photo. The company has recently announced job cuts affecting more than 5,000 people. (Bernama pic) PETALING JAYA : The Petronas workers' union has urged the company to ensure transparency and fairness as it seeks to reduce its workforce by 10% in a company-wide restructuring exercise. The Sarawak branch of the union said the layoffs would naturally affect the livelihoods of workers, especially those stationed in Bintulu and Miri, as the cost of living is rising in those two areas specifically. 'The oil and gas industry's workforce faces a challenging environment, with long hours, remote deployments, and job instability,' the union said in a statement. 'Concerns about wage inequalities between local and international employees, as well as growing living costs, add to the financial and emotional strain on workers,' it said, according to Dayak Daily. The union said it will seek to protect the rights and welfare of the over 2,000 workers it represents by advocating for reskilling and equitable compensation for affected employees. On Thursday, Petronas president and group CEO Tengku Muhammad Taufik Aziz said the restructuring exercise was aimed at reducing costs due to falling crude prices. He said Petronas expects to reduce its headcount by more than 5,000 people and freeze hiring until December 2026. Deputy prime minister Fadillah Yusof later said Petronas's restructuring exercise was due to global challenges and was not linked to its dispute with Sarawak's state-owned gas aggregator, Petroleum Sarawak Bhd.
Free Malaysia Today
07-06-2025
- Business
- Free Malaysia Today
Issues over Petros nothing to do with Petronas layoffs, says Fadillah
Deputy prime minister Fadillah Yusof said Petronas is relooking its entire operation because of the decline in crude oil prices. KUCHING : Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy prime minister Fadillah Yusof said Petronas's restructuring plan is necessary amid the decline in crude oil prices. He said he plans to meet with the company to get more details of the exercise. 'That (the decline in crude oil prices) is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and CEO Tengku Muhammad Taufik Aziz said the national oil firm is cutting 10% of its workforce to cope with challenging operating conditions, particularly because of falling crude prices. He said the number of staff involved in the downsizing process stands at about 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia under the Petroleum Development Act 1974 and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
