Voluntary Separation Scheme - Should I Accept Or Reject? - Bank Employees

One of the Bank in Malaysia is offering VSS. I am one of the employee of the bank. Should I accept or reject?

By asking this one line question you cannot get a realistic answer.
Leaving a job has many implications.
What is the financial benefit you will get on VSS?
What is the further job opportunity in your country,unless you are rich enough to survive on this severance package and personal income?
How old are you?
How many dependents?
One has to take a holistic view-all your circumstances-personal,family,all your financial liabilities and assets.
Take careful and conservative view and then see whether it is better to accept VSS or continue.

Greetings,
In addition to the questions raised by Nath Rao, would your firm make young any agreement where you cannot work for any competitor or start any business on the similar lines? What are the legal aspects that you may need to know? Ideally its minimal, but you being a Bank employee, might have information security requirements to cater.
Please keep this fine prints in mind to ensure a smooth transition.

Like the way one confides to his or her doctor or lawyer, it is advisable to tell everything clearly here. VRS or VSS has lot of implications monetarily, sociologically etc etc. If you still have many years of service left, you may not get a better-paying job elsewhere, as many people still view VRS or VSS as a stigma identified with people who have less competence and skills. Therefore, professionals here can tender meaningful professional advice only if you mention some more information. If your query is quite vague, we will not be in a position to hazard guesses and give you correct advice.
Best wishes

Depends upon your own mind set. None else can weigh the pros & cons of the bank's proposal than yourself. Use your own discretion.

Further while taking a view what are the tax implications of the consideration for voluntary severance may also be considered.
A S Bhat

Hello Fazid,
Just a single line to add to what other members have mentioned/suggested:
"If you want the right answer(s), you have to ask the right question(s)".
Since you are new to this Forum, suggest give the complete background of your situation--this will only help YOU by enabling the members to give actionable suggestions.
Rgds,
TS

Though it is true that your information is not adequate enough for the members even to attempt a reply,still no one else except you,can decide for yourself whether to go for it or not since the decision depends upon many factors like the financial cushion the VSS offers you, your economic back ground, your family back ground and responsibilities, your skill levels, your functional area, your age, the scope for getting alternate employment or your ability to start on your own, your confidence level, the competition in the field of your prospective profession or job, the rising cost of living and health care and rentals (if you do not have a house of your own) to assess the dwindling value of VSS cushion every six months and every factor that impacts your pocket needs to be considered.So it is better to use your judgment,wisdom and analysis in exercising your option.
B.Saikumar
HR & Labour Law advisor

In short you should compute and analyse the Cost/benefit before we could attempt our views.
Also let s know what's geographical back ground, your origin/where you hail from, do you like to relocate and if so its costs & adv.
Are you supported with any insurance & pension schemes (like life & health) post VSS ??
If your VSS benefits beat the future costs and leave a comfortable surplus you can opt for it. Which means your income earning capacity post VSS could be a cushion and serve to fulfill your future ambitions like investments on movable and immovable assets.
Also Consider impact on your family ie. your spouse, children their education and employment opportunities, living conditions and other social factors.

Hi Fazid,
As all Senior Members pointed out, please weigh all prose & cons before taking a decision specially when you severe ur relationship with a Co. who have brought u up & cared u all these years. Putting up paper is easy; but never to get back the same or getting another job.
Once again; pl. weigh the advantages & disadvantages of your taking the decision for VRS/VSS. Never rush to such decision. Consult your Family members, elders & friends also.
WISH U GOOD LUCK
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