KINIBIZ Media Prima is offering to pay its employees to leave the company as it struggles to hold off quarter after quarter of declining profits.
Staff at Media Prima were told they could, from today, elect to take up a mutual separation scheme that would give them a one-off parting payment based on their last drawn salary and seniority.
The media group, in a letter to staff that was made available to KiniBiz today, said it was seeking to make cuts to its workforce to “strengthen operational efficiencies amid challenging market conditions”.
Media Prima hopes that the scheme will improve its overall productivity level by reducing “surplus staff”.
Staff members who choose to take up the offer will be paid compensation equivalent to one-and-a-half times their years of service, multiplied by their last drawn base salary.
Staff near retirement age will get a compensation based on their last drawn base salary multiplied by the number of months to retirement.
The offer stands until Nov 21.
Media Prima’s stable of newspapers include New Straits Times, Berita Harian and Harian Metro .
Four commercial free-to-air television stations - TV3, ntv7, 8TV and TV9, and three major radio stations are also under the group.
For the full story go to KiniBiz .
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