VSS: Bane or Blessing? (Buang Kerja: Bala atau Rahmat?)

I read this in the newspaper today (The Star):

Hong Leong Bank: No Bank Negara approval needed for VSS

KUALA LUMPUR: Hong Leong Bank group has clarified that the offer of the voluntary separation scheme (VSS) launched early this month does not need the approval of Bank Negara but will be undertaken in accordance with labour laws.
Hong Leong Bank Bhd group managing director Yvonne Chia told a briefing to introduce Hong Leong Islamic Bank Bhd’s newly-appointed managing director-cum-chief executive officer Raja Teh Maimunah Raja Abdul Aziz, that the central bank did not need to approve the VSS.
“I want to clarify that this VSS is a move to make the bank more efficient in a changing landscape. Being in a regulated industry and as a matter of courtesy, we informed Bank Negara of the VSS but we do not need to have the central bank’s approval nor the approval of the Labour Department,” she said.

VSS (or Voluntary Separation Scheme) is basically when they think they have too many staff and they don't need the staff anymore.  The company thinks they can do without these people, stop paying them salaries and they will get to keep more as profits.

Well, accounting wise it makes sense, or at least in theory. But to those who will be opting and getting VSS, they are definitely going to have mixed feelings.

Being offered VSS means it is a signal they you are not wanted, but you can exit with compensation. Some of you would be worried about how the family is going to get fed, especially if you are a clerk with five kids in tow. The compensation amount is not going to last forever. My heart goes to them.

Undoubtedly, some you will opt to be an entrepreneur; and  I, on behalf of New Entrepreneurs Malaysia, welcome you all with open arms and wish you luck and BEG you to be careful with your plan and your compensation amount. NEVER spend more than 10% of our compensation amount on starting a business. And you can read some FREE advice on new entrepreneurs in distress (here) and starting up advice for new entrepreneurs (here).

And I welcome volunteers to translate this into Malay because it is a known fact that the the clerks and lowly paids job in banks are dominated by them. And pls share this with them (or their kids on facebook)

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