TIME to cut 400 jobs, papers say

2 Nov 2006

Malaysian alternative operator TIME dotCom is looking to lay off around 400 of its 1,800 employees as part of a restructuring and cost cutting plan, according to local news reports. The company has launched a MYR22 million (USD6 million) voluntary redundancy scheme open to all employees, including those of its subsidiaries (bar TIME Reach), and will announce the results in December. Under the offer, leaving staff will receive between 1.8 and two months salary for each completed year of service, on top of payment in lieu of a notice period and unused annual leave.

Malaysia, TIME dotCom