Voluntary separation scheme (VSS) of between 1.1- 1.75 months' salary per year of service based of the last-drawn basic salary. NST/MalayMail (newspaper publisher, 2006, source: thestar quoting sources) Outplacement training and workshops, and employment placement assistance Medical assistance of RM 1,000 per employee. 5 times their last drawn salary per year of service subject to a maximum of 24 years, or last drawn salary X remaining months to retirement subject to a maximum of 36 months, which ever is lower. Package of between 1.8 -2 months' salary for each completed year of service with the companyĮON (car distributor, VSS in 2006, source: news article) Timedotcom (telecommunications, 2006, source: news article)
#How to calculate ppm fron a vss free
Apart from that, MAS will give a one-off medical benefit, buy back all unutilised leave, give a free air ticket to be used by the end of the year and give laid-off staff hospitalisation coverage for a year Payment based on current monthly salary ranging from 1-3 months for every year of service. Malaysia Airline (airline, 2006, source: press release) Report indicated that those who opt for the scheme will receive 4 months' base salary as well as a 1.5-month salary for each year of service. Intel Penang (electronics, 2001, source: news article) Paid 1.35 to 1.85 months per year of service or 65% of one's last drawn salary X no of months to retirement (whichever lower, subject to a maximum of 36 months)Īlso gave RM 1,000 cash as medical assistance and continuation of certain staff benefits for 2 years Maybank (bank, VSS in 2001, source: news article) This will help the other soon-to-retrenched workers I also hope that more retrenched employees would share the compensation data that their ex-employer have paid out in the past. Service of more than 5 years: 20 days per year of service Service between 2-5 years: 15 days wages per year of service required as per Malaysian Employment Act) which is -įor service up to 2 years: 10 days wages per year of service That said, as you can see below, most companies pay above statutory rates (i.e. Hence, the compensation data below (or which you've gathered) should only be used for general comparison purposes only. MNC/GLC/local, industry, job position, circumstances under which you've been made redundant, company's financial position, company's moral and CSR standing etc.
Note however, that no circumstances are exactly the same - Compensation package typically depends on the type of organization e.g. It is always good to arm yourself with some form of market data (who paid how much to whom) especially if you want to negotiate with your employer for a better severance package. You will find that you are most likely to get such data only if the company has an in-house union and/or belongs to an industry with a strong union (e.g. Usually companies do not make public the severance packages (retrenchment, voluntary separation scheme) paid to the affected employees.
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