KUALA LUMPUR: Hong Leong Bank Bhd has embarked on a voluntary separation scheme (VSS) as part of its consolidation exercise towards growing its newly enlarged entity.
The scheme is offered strictly on a voluntary basis and is open to all permanent employees of Hong Leong Bank and MIMB Investment Bank.
“The exercise is to consolidate its position as a fully integrated financial group as the banking industry landscape has evolved and the level of competition is becoming more challenging and intense,” said Hong Leong Bank managing director Yvonne Chia in a statement yesterday.
She added that the scheme was introduced to enhance productivity and efficiency within the bank while honouring the wishes of employees to further their studies, change their work environment, start up business, retire early and pursue personal interests.
According to Chia, the scheme offers a financial package computed based on factors including the length of service or months to retirement, basic salary and staff categories.
The VSS payment formula is based on a VSS multiplicand that ranges from 1.4 (for executives) to 1.6 (for non-executives) multiplied by the length of service (capped at a maximum of 22 years) multiplied by the basic salary or 50% of total monthly salary until retirement, whichever is lower.
“In addition, the bank is also offering medical relief of up to RM1,000 reimbursable for six months from the date of separation, continuation of housing and motor vehicle loans at staff preferential rates for 12 months from the date of separation,” said Chia, adding that the final approval would be strictly based on business and operational requirements while applicants will be notified by Nov 28.
Applications for VSS must reach the bank’s group HR department by 5pm on Nov 21.
Hong Leong Bank completed its RM5.06 billion acquisition of the assets and liabilities of EON Capital Bhd on May 6, resulting in the former’s current enlarged entity.
This article appeared in The Edge Financial Daily, November 3, 2011.
The scheme is offered strictly on a voluntary basis and is open to all permanent employees of Hong Leong Bank and MIMB Investment Bank.
“The exercise is to consolidate its position as a fully integrated financial group as the banking industry landscape has evolved and the level of competition is becoming more challenging and intense,” said Hong Leong Bank managing director Yvonne Chia in a statement yesterday.
She added that the scheme was introduced to enhance productivity and efficiency within the bank while honouring the wishes of employees to further their studies, change their work environment, start up business, retire early and pursue personal interests.
According to Chia, the scheme offers a financial package computed based on factors including the length of service or months to retirement, basic salary and staff categories.
The VSS payment formula is based on a VSS multiplicand that ranges from 1.4 (for executives) to 1.6 (for non-executives) multiplied by the length of service (capped at a maximum of 22 years) multiplied by the basic salary or 50% of total monthly salary until retirement, whichever is lower.
“In addition, the bank is also offering medical relief of up to RM1,000 reimbursable for six months from the date of separation, continuation of housing and motor vehicle loans at staff preferential rates for 12 months from the date of separation,” said Chia, adding that the final approval would be strictly based on business and operational requirements while applicants will be notified by Nov 28.
Applications for VSS must reach the bank’s group HR department by 5pm on Nov 21.
Hong Leong Bank completed its RM5.06 billion acquisition of the assets and liabilities of EON Capital Bhd on May 6, resulting in the former’s current enlarged entity.
This article appeared in The Edge Financial Daily, November 3, 2011.
