Malaysian Airlines Sack 6000 Staff In Complete Overhaul

Malaysian airlines are definitely not in the best of times, as the airline seems to be suffering a huge financial cutback due to low patronage that was caused by the twin disaster that hit the airline earlier this year. The airline is planning to reduce 6,000 workers as portion of a $1.9 billion overhaul in order to revive its damaged brand.
The employees reduction represents an estimated 30% of its existing workforce of 20,000. The revamp and new investment in the carrier will expense about six billion Malaysian ringgit ($1.9 billion). Analysts say the substantial staff cuts recommend the airline will cut down flights to Europe and China.
The twin disasters and ongoing financial woes "created a fantastic storm for the restructuring to take place," mentioned Khazanah Managing Director Azman Mokhtar. "We will need to have a fresh get started."
The airline will be removed from the Malaysian stock exchange and taken absolutely under the wing of the government. Khazanah, which previously announced that it plans to take 100% ownership, aims to restore Malaysia Airlines to profitability by the finish of 2017 and then relist its shares on the stock exchange by the end of 2019.
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