MCOT to cut 700 jobs under voluntary early retirement programme

[webfact]

MCOT to cut 700 jobs under voluntary early retirement programme

By THE NATION

 

 

A MCOT Public Company Limited board meeting has approved the “Tem Jai Jak” (voluntary leave) programme to provide voluntary early retirement to the firm’s employees, board president Pol General Thawitchart Phalasak told Isara News Agency.

 

“The Finance Ministry, a major MCOT shareholder, recommended the programme in order to keep the company’s businesses afloat amid the present economic crisis,” he said. “We expect to reduce 700 employees from the current 1,600, after which MCOT will enter restructuring.”

 

The Tem Jai Jak programme will offer a severance package higher than the law stipulates under a budget of Bt1 billion.

 

“MCOT will get this money from banks using the compensation of the recalled 2600MHz frequency band that the National Broadcasting and Telecommunications Commission will have to pay us, in installments, as collateral,” he said. “If this amount is not enough, we will use the lands that MCOT owns as collateral too.”

 

Thawitchart insisted the programme is purely voluntary and there will be no forced layoffs.

 

He said the board has submitted a business restructuring plan to the management with focus on reducing costs and increasing income from existing businesses and assets, especially TV, radio stations and vacant lands.

 

“As for the selection of a new MCOT president, the selection committee reported to the board on September 22 that so far there are five candidates who had submitted their applications. The committee will consider whether or not to extend the application deadline to get more candidates,” he added.

 

Source: https://www.nationthailand.com/news/30395034

 

-- © Copyright The Nation Thailand 2020-09-24

 

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[ChipButty]

Things are getting worse bye the day I wonder what the true story about layoff's, I know of one company in Bangkok having to get rid of staff maybe 100 or so at the moment.

[holy cow cm]

This is the real sign of the devastation the CV19 is doing to this country. It has only just begun for after effect. Gonna get a lot worse from here on out.

[86Tiger]

Borrowing money to pay severance packages on promise of future earnings.

 

What could go wrong?

[hotchilli]

8 hours ago, webfact said:

“We expect to reduce 700 employees from the current 1,600, after which MCOT will enter restructuring.”

Early retirement?

The canteen must have looked more like a care home.

[herfiehandbag]

They are looking for 700 to retire early.

 

So far they have had 5 applicants!