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
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents