I''ve included more recent compensation packages offered to retrenched employees / employees taking up separation schemes
Hong Leong Bank / MIMB Investment Bank (Nov-2011)
1.4 for executives to 1.6 for non-executives, multiplied by the length of service (capped at a max. of 22 years) multiplied by the basic salary or 50% of total monthly salary until retirement, whichever is lower
Medical relief of up to RM1,000 reimbursable for a period of six months, continuation of housing and motor vehicle loans at staff preferential rates for a period of 12 months
Panasonic LCD
Malaysia (2013, Source: news article)
“Our severance is one-month salary for each year of service
and as the plant has only been in operation for less than four years, we didn’t
get much money,” said a former employee
Maxis Berhad (2013,
Source: News article)
Career Transition
Scheme. … “speculated is that these employees would be about two months salary
for every year of service (for those who have worked for 12 years and below)
and 2.25 months salary for those with above 12 years of service”
Star Publications
(2013, news article)
Voluntary Separation Scheme “Employees are invited to apply
in writing and successful applicants will receive between 1-2 months of last drawn salary for each year of service or part
thereof. The interests of all parties have been given fair and due
consideration” : representative from
Star Publications
HSBC Sarawak (2013,
news article)
HSBC Malaysia Berhad decided to shutdown its
commercial banking division in Sarawak….. “ It has targeted only staff in commercial
banking with a supposedly Voluntary Separation Scheme (VSS)…To compound
matters, the VSS is the worst ever at 1.4-month salary for each year of
service, with a cap of 36 months. This
also the worst ever offered by any bank in SBEU’s long history. Previous VSS
package by the bank offered 2.25-month without a cap,” Sarawak Bank Employees Union (SBEU) claimed
Sanmina SCI (2013, news
article)
“The payment we received from Sanmina on the day of
retrenchment was one week of salary in lieu of notice for non-executive staff
and four weeks for executive staff. “This
initial payment formula was not in compliance with Sarawak Labour Ordinance
requirements,” said Lisa Choa,
Ex-Sanmina Employees’ Protem Committee member.
To be in full compliance, she explained, SLO’s minimum
requirement calls for those who had worked for less than two years to be paid
four weeks of their salary, between two and five years (six weeks) and above
five years (eight weeks).
“We only got half of it. So, the US$650,000 will be used to
make up for the shortfall in minimum retrenchment payment,”
On the US$220,000 for retrenchment benefits, she said the
amount only made the minimum legal requirement.
“The retrenchment benefits are so minimal. They do not even come to a
month’s salary. It is such a disappointment.”
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