CIMB Group and CIMB Niaga announce Mutual Separation Scheme to employees

PETALING JAYA: CIMB Group Holdings Bhd and PT Bank CIMB Niaga are offering a Mutual Separation Scheme (MSS) to its employees in Malaysia and Indonesia, as part of the group's rationalisation and consolidation plan.
The scheme which is open to all employees of CIMB Group and PT Bank CIMB Niaga is on a voluntary basis and expected to be completed by May 29, 2015.
"This exercise is aimed at enhancing our efficiency levels across the board. This is consistent with return on equity and cost-to-income plans we have outlined for the future," CIMB group CEO Tengku Zafrul Aziz Tengku Aziz said in a statement last Friday.
He said the scheme is implemented after looking at the group's current operating cost structures and desired efficiency levels across the franchise.
"Some of our employees from Malaysia and Indonesia have also enquired about these types of schemes, so this MSS is also a response to them," he added.
He said employees who applied for the scheme will receive packages based on their rank and years of service, as well as options for extended medical cover for three years, and participation in re-skilling and outplacement programmes.