Coronavirus: Genting plans first salary cut in its history
According to an internal memo seen by Bloomberg, Genting has proposed an employee salary cut for the first time since its founding in 1965.
The move comes in light of the coronavirus pandemic, which has caused the operator to scale back its operations in Las Vegas and Singapore as lockdowns are imposed.
The internal memo proposes a 20% temporary salary cut for employees based on their ranks, while Genting Hong Kong may introduce a cut of up to 50% for those in Vice President role or higher.
Genting Hong Kong has confirmed its salary cut will be in effect until the end of the year, while Genting Singapore and Genting Malaysia have proposed similar voluntary pay cuts with varying terms.
In the memo, Tan Kong Han, COO for Genting, said: “The businesses of the Genting Group have been badly affected, resulting in significant reduction in revenue.
“When business resumes, we would expect to face challenges to regain the level of business prior to the pandemic due to the adverse impact that COVID-19 will have inflicted on the domestic and global economies.”
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