Hong Leong Bank-The Dreaded VSS

It has to come. 

After all, Hong Leong as a financial grouping isn’t blue-eyed for many as it does not have a sparkling image. Apart from being seen as ‘stingy’ from the shareholders’ viewpoint as no door gifts were ever doled out in the best of years at its AGMs, and even bank charges are seen as ‘cut-throat’ for many of its account holders and clients. Moreover, staff morale for ex-EON Bank staff has been going down the chute with numerous resignations in the past months, so it seems.

Today, dear Yvonne Chia, to the chagrin of Hong Leong Bank’s permanent staff has unveiled an exit plan- the much dreaded VSS- a devil in the deep blue sea and a hard place!

Let’s see what is on offer.

The VSS payment formula is based on a VSS multiplicant 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 per cent 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 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.

Final approval of the VSS applications at HLB will strictly be based on business and operational requirements.

So, it’s a take it or leave it. 

Or worse, do not take it and you may just get the sack if you are a jack-in-the-box undesirable HLB future material!