200,000 factory workers will be out of jobs
THE Malaysian Employers Federation (MEF) said about 200,000 factory workers are expected to be retrenched following the global economic slowdown.
The high number – compared with 85,000 who were retrenched during the Asian economic crisis in 1998 – was because the latest crisis was global, MEF executive director Shamsuddin Bardan said recently.
He said the worst affected sector was the electrical and electronic component industry, which he said had not received commercial orders since the beginning of the year.
“Cost-cutting measures are being carried out through cancellation of overtime or retrenchment. Later, operations will shut down or branches closed.
“The situation may extend into next year and the earliest that the market can stabilise is within 18 months,” he added - Agencies.
The high number – compared with 85,000 who were retrenched during the Asian economic crisis in 1998 – was because the latest crisis was global, MEF executive director Shamsuddin Bardan said recently.
He said the worst affected sector was the electrical and electronic component industry, which he said had not received commercial orders since the beginning of the year.
“Cost-cutting measures are being carried out through cancellation of overtime or retrenchment. Later, operations will shut down or branches closed.
“The situation may extend into next year and the earliest that the market can stabilise is within 18 months,” he added - Agencies.
