By Chan Quan Min
Media Prima is offering to pay 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 elect to take up a mutual separation scheme from today that will give them a one-off parting payment based on their last drawn salary and seniority.
The media group, in a letter to staff 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 their overall productivity level by reducing “surplus staff.”
Staff that choose to take up the offer will be paid compensation equivalent to one-and-a-half times their length of service in years 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 will stand until Nov 21.
Media Prima yesterday posted a pre-tax profit of RM57 million for the third reporting quarter, down 34% from the same quarter last year as advertisers turned cautious on spending.
The media group’s stable of newspapers include New Straits Times, Berita Harian, Harian Metro. All four commercial free-to-air television stations and three major radio stations are also under the group.
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