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All 20, 000 members of staff have been sent termination notices, but at least 14, 000 will be offered their jobs back at the "newly minted Malaysia Airlines Berhad", says theFinancial Times.

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All 20, 000 members of staff have been sent termination notices, but at least 14, 000 will be offered their jobs back at the "newly minted Malaysia Airlines Berhad", says theFinancial Times.

According to a company statement, the cuts are part of a plan to "stop the bleeding" in finances in 2015, to stabilise in 2016 and to start growing again by 2017.

It comes 14 months after flight MH370 and its 239 passengers and crew disappeared en route from Kuala Lumpur to Beijing on 8 March 2014.

Four months later Malaysia Airlines flightMH17crashed in rebel - held territory of eastern Ukraine on 17 July, killing all 298 people on board.

Western governments have accused pro - Russian rebels of shooting down the Boeing 777.

Reeling from the twin aviation disasters, Malaysia Airlines was taken back under full government ownership last year and even made the unprecedented offer of full refunds to any passengers who were booked to travel in 2014.

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All 20, 000 members of staff have been sent termination notices, but at least 14, 000 will be offered their jobs back at the "newly minted Malaysia Airlines Berhad", says theFinancial Times.