ID :
373180
Thu, 07/02/2015 - 06:24
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CIMB Group And PT CIMB Niaga Complete Mutual Separation Scheme Exercise

KUALA LUMPUR, July 2 (Bernama) -- CIMB Group Holdings Bhd and PT CIMB Niaga TBK have completed their individual Mutual Separation Scheme (MSS) exercise. The exercise, involving 3,599 applications (1,891 from Malaysia and 1,708 from Indonesia), represented a rationalisation of 11.1 per cent of the total workforce in both countries. While the group would incur approximately US$117.61 million (RM443.3 million) in cost, the resultant savings from the headcount reduction is estimated to be US$77.36 million (RM291.6 million) per annum, which translates to 18.2 months payback, said CIMB Group in a statement. (US$1 = RM3.76) The MSS was introduced as part of its continued efforts to enhance efficiency and productivity. "With the completion of the MSS, we are on track to meet the targets set in our cost-to-income plans outlined in our T18 strategy," said Group Chief Executive Tengku Zafrul Tengku Abdul Aziz. -- BERNAMA

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