Recently it was announced that Malaysia’s national oil giant PETRONAS will be undertaking a workforce adjustment, with an estimated 10% reduction, as the national energy company said it will be embarking on a strategic transformation to navigate a “polycrisis” driven by global pressures and challenges in unlocking Malaysia’s oil and gas potential.
Confirming reports, Petronas in a statement today said that this “very difficult decision” is a necessary step to ensure its continued growth and ability to serve the nation.
“PETRONAS remains committed to safeguarding employees’ welfare as it navigates a polycrisis driven by global pressures, coupled with heightened challenges to unlock the full potential of its oil and gas resources in Malaysia,” the company said.
To manage the process fairly, objectively, and systematically, PETRONAS said it has formed a Transition Council and People Development Committees. These bodies are responsible for talent mapping and placement decisions, guided by structured platforms and in adherence to necessary legal requirements and industrial relations practices. Engagements have also been conducted with the Department of Labour and Department of Industrial Relations under the Ministry of Human Resources to ensure compliance with statutory requirements.
The commpany said it has put in place a comprehensive transition programme to support employees impacted by this exercise, emphasizing fairness, respect, and professionalism in every decision. Impacted employees will receive a market-competitive separation package that exceeds minimum statutory requirements.
It will also offer Career coaching and job search assistance, Emotional support services, Medical Assistance Programme, Upskilling and reskilling programmes and Financial planning guidance to those affected.
The packages and benefits are structured based on employees’ years of service and may vary depending on employee category and eligibility.
