Malaysia developers tackle slump with job freezes, benefit cuts
70% of respondents in an industry survey say they were affected by unsold units in H2 2016 amid declining sales
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Kuala Lumpur
FOUR out of 10 builders in Malaysia froze recruitment while one in three opted to reduce staff benefits or perks last year as part of cost-cutting measures amid a weak property market and rising business costs, according to an industry survey.
Eight per cent retrenched employees while a similar number reduced working hours. Only 3 per cent reduced salaries while 5 per cent opted for other measures including asking staff to take on more responsibilities, a survey of 165 members of the Real Estate and Housing Developers' Association Malaysia (Rehda) across Peninsular Malaysia revealed.
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