Voluntary Separation Scheme available for HLB, MIMB employees

Hong Leong Bank is offering a voluntary separation scheme to all permanent employees of the bank and MIMB Investment Bank.

This is part of its consolidation exercise towards growing its newly-enlarged entity.

"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 Wednesday.

The VSS scheme, which is on a voluntary basis is a financial package computed based on factors including the length of service or months to retirement, basic salary and staff categories.

In addition, the bank is also offering medical relief of up to RM1,000, reimbursable for a period of six months from the date of separation, and continuation of housing and motor vehicle loans at staff preferential rates for a period of 12 months from the date of separation.

She said the scheme has been introduced as part of HLB's efforts to continue to enhance productivity and efficiency within the bank and also to honour the wishes of employees who have expressed their desire to further their studies, change of work environment, start-up business, early retirement and pursue personal interest, which was mutual for the bank and employees.

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