SouthEast Asia's largest low-cost airline, AirAsia, will cut over 300 staff in an effort to reduce their operating costs due to the devastating effects of the pandemic.

The layoffs, announced by CEO, Riad Asmat, will involve 172 pilots, 111 cabin crew members, and 50 engineers.

These individuals will be given notices within 24 hours of the announcement.

Riad was quoted mentioning that there are no other options to ensure that the low-cost carrier can continue operating like before, and restructuring the organisation is the only viable alternative now.

The airline is also reportedly trying to raise funds via a 10% share sale.