Retrenchments in Malaysia could last until 2017, a Cabinet member said, adding that Malaysians worried about losing their jobs due to the gloomy economic climate should look for work in other fields.
Expecting bad retrenchment in the oil and gas industry in next few months, Human Resources Minister Datuk Seri Richard Riot said Malaysians in that sector should look for new jobs as the government could do little about the global economy affected by the plunge in oil prices.
The Malaysian Insider recently reported that around 20,000 people lost their jobs last year, and more retrenchments were expected this year, according to the Malaysian Employers' Federation. Riot's comments followed a report that national oil company Petronas was considering retrenchments for some of its 51,000 staff.
The Edge Weekly previously reported that Shell Malaysia would cut 1,300 upstream jobs over the next two years, adding that job cuts in the oil and gas industry were expected because of the collapse of oil prices.
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