Tmb Bank Unveils Early Retirement Programme

[george]

BANKING

TMB unveils early retirement programme

BANGKOK: -- TMB Bank on Friday announced the voluntary early retirement programme, as part of the bank's organisational restructuring for higher service efficiency.

TMB has set aside around Bt850 million for the programme, which was recorded as expense in its 2008 fourth quarter financial results.

TMB Bank Executive Vice President for Human Resources Thawatchai Techawatanawana said the bank has been moving rapidly to build a customer-centric organization, and as a part of that we have been reorganizing the bank's structure, departments and functions, as well as introducing staff redeployment and retraining programs.

"TMB is giving opportunities for long-service employees who may not be entirely comfortable with the bank's new work environment and customer-centric philosophy to take early retirement with a generous bonus as well as career and outplacement support. According to the years of service at TMB, the longest serving employees could receive a maximum of 30 months," he said.

Employees aged 40 and above with at least 10 years of service are eligible for the programme. Applications must be filed between September 1-11 and the retirement will take effect on September 30.

TMB has set aside around THB850 million for the program, which was already recognized in the bank's 2008 fourth quarter reports.

-- The Nation 2009-08-14

[Dave the Dude]

Sounds very much like my old job with NatWest 20 Years ago

Dave(Grim Reaper Dude)

[dale8]

Hello, it is difficult to know if Tmb is in trouble or they want to downsize their work force in lean economic times.

[slapout]

if voluntary retirement/downsizing does not happen, then the layoff routine comes into play. In all the times and different companies who throw this type of plan out, have you seen the officers/bean counters with 15 to 20 year seniority who made this proposal, be in the line?