Layoffs in 2024

In 2024, the impact of the global economy is still strongly felt, leading many large companies to take steps to reduce their workforce or shut down their operations. These actions are part of a strategy to lower operating costs and adapt to declining market demand. Several multinational companies in Malaysia are also involved in this process, directly affecting thousands of workers.

1. Intel – This leading technology company is downsizing its operations in Malaysia. This move is part of Intel’s efforts to cut global costs. The restructuring process affects many employees across different countries, including Malaysia.

2. Goodyear – Goodyear’s factory in Shah Alam was closed on June 30, 2024, resulting in 550 workers losing their jobs. This closure is part of the company’s global restructuring program to reduce operational costs and maintain competitiveness.

3. Epson – Epson also closed its plant in Malaysia in 2024 as part of its global efforts to optimize operations and restructure the company.

These decisions to close and reduce operations reflect the pressure companies face in maintaining financial stability amidst changing market demands. While these steps are difficult, they are seen as necessary to ensure the long-term sustainability of the companies. However, the impact is directly felt by affected employees, leading to a rise in unemployment and job instability.

In the long run, it is hoped that these restructuring measures will help these companies stabilize and operate more efficiently. May our economy recover soon and provide better job opportunities in the future.

*I wrote this note because my friend has also been affected by these closures. I hope our economy will recover in the near future.