International news agency Bloomberg reported that this marks the first-ever group-wide salary cut since Genting was founded in 1965.
Supported by group chief executive Tan Sri Lim Kok Thay, the proposed cuts will see as much as a 20 per cent temporary reduction of basic salary for employees based on their ranks, while Genting Hong Kong Limited proposed up to a 50 per cent cut for those holding vice-president positions or higher.
Genting Singapore Limited and Genting Malaysia Berhad have suggested similar pay cuts with varying terms, the Bloomberg report added.
Genting Hong Kong later confirmed that the salary cut will be in effect until year-end, while Singapore and Malaysia did not immediately respond to requests for comment.
Genting Group’s chief operating officer Tan Kong Han was quoted as saying that the group’s businesses have been badly affected, leading to a significant reduction in revenue.
“When business resumes, we expect to face challenges to regain the level of business prior to the pandemic due to the adverse impact that Covid-19 will have inflicted on the domestic and global economies.
“Genting seeks to avoid job cuts as much as possible, even if salary remains one of its biggest cost components,” he was quoted as saying by the Bloomberg report.
Genting, which operates casinos and resorts in Las Vegas, United States and Singapore, has been forced to downsize its operations amid lockdowns imposed by countries worldwide. Its cruise operations have similarly suffered as consumers shun them following the outbreak of Covid-19 on several vessels.