Tuesday, July 25, 2006

EON Offers VSS To Employees

It had to happen sooner or later. Edaran Otomobil Nasional Bhd (EON) Tuesday announced a voluntary separation scheme (VSS) to its employees company wide in a move to rationalise operations for greater efficiency and effectiveness in the highly competitive auto market place.

In a statement, EON said the VSS offer opens from Tuesday and will close by 5.00 pm Aug 11. The complete exercise will conclude by Sept 1.

And what does the VSS offer? Employees opting for the VSS will receive a package of 1.5 times their last drawn salary X years 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.

In addition, employees opting for the VSS will receive two months salary in lieu of notice, medical assistance of RM1,000 per employee and salary in lieu of balance annual leave subject to a maximum of 60 days.

For the benefit of employees seeking the VSS, the statement said outplacement training and workshops, and employment placement assistance, are offered to ensure a smooth transition.

Well, given the present circumstances and all things considered it is quite a reasonable offer. I wonder what percentage of the target group will take it up. Any VSS has its attendant risks. There's no running away from that reality. Usually the smarter and motivated ones make the best of a bad situation and end up in a much better position than before. This is not the time to wallow in self-pity or dream of what could have been. "When the going gets tough, the tough get going" comes to mind.

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