This is the recipe I’ve learnt yesterday and today on VSS that is going on at one of our nation’s famous company. (the recipe has yet to be firmed)
Months of service X last drawn gross basic salary = A
Appraised staff who has exceeded the average mark will get A+10% =B (subject to if A is less than 500,000.00)
Appraised staff who has exceeded the excellence mark will get B+15%=C (C is not A +25%)
If year of service exceeded 30, an additional 25% “Golden Handshake” (D) will be added to A but not entitled for excellence appraisal.
So, If someone’s gross basic is RM 3000, and has worked in there for a period of 10 years. this fella will get RM 360,000. If work performance is appraised at above average, this fella will get RM 396,000. If work performance is excellence, This fella will get RM 455,400.
Say if 6000 is to lay off, and based on the average given above, and average out at the ratio of 1:1:1:1 on the scenarios given
A will have a total payout of RM 540,000,000
B will have a total payout of RM 594,000,000
C will have a total payout of RM 683,100,000
D will have a total payout of RM 742,500,000
Total for VSS will be a whooping RM 2,559,600,000
Thanks Johan for the info. I hope you will get the D and be a millionnaire soon.