Tune Insurance cuts workforce by 15%, to payout RM4m for VSS

09 Dec 2018 / 20:40 H.

PETALING JAYA: Tune Protect Group Bhd’s subsidiary Tune Insurance Malaysia Bhd has completed a voluntary separation scheme (VSS) exercise involving a total payout of RM4 million.

In a filing with Bursa Malaysia, the group said its subsidiary approved a total of 58 applications, which represent 15% of its permanent workforce.

“Employees whose applications were ac-cepted will be released from December 2018 till February 2019 in order to ensure a smooth transition process. The payout for the VSS is assessed to be approximately RM4 million,” it said.

The group said the scheme was implemented and made available to eligible permanent employees within Tune Insurance. The voluntary scheme provided options for eligible employees to decide to leave or continue working for Tune Insurance.

“The VSS was implemented as part of Tune Insurance’s business transformation and re-structuring plans for the immediate term in line with the group’s digitalisation journey. Through the VSS, Tune Insurance intends to maximise its manpower utilisation and increase its operational efficiency and productivity,” it said.

It said various efforts have been undertaken to address employee concerns including multiple briefing sessions that were conducted nationwide and a dedicated helpdesk while arrangements have also been made to assist employees with career transitioning and alternative support.

Tune Insurance said that in implementing the VSS, it has taken measures to ensure that there will be no disruptions to its operations while also taking into consideration the relevant laws, regulations and the industry’s best practices.


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