Theta Edge Berhad has announced a Voluntary Separation Scheme (VSS) and Optional Retirement Scheme (ORS) offered to all permanent and confirmed employees of the Group as part of its Manpower Rationalisation Exercise.
The company states that the scheme is purely voluntary in nature where employees are given the option whether or not to accept the Scheme offered by the Company in accordance with the terms and conditions set by the Company.
In a statement spotted by BusinessToday, Theta said the implementation of the VSS and ORS is to optimise manpower utilisation and improve operational efficiency and productivity as part of the 5 years’ Business Transformation Plan and Value Creation Plan approved by the Board of Directors of Theta. On its website the number of professionals working at the company is listed at 300.
It has also put in place a transition program that will provide the right support to employees who opt for the Scheme which includes an outplacement-related program.
The offer of the Scheme by the Company to its employees has taken into account due process in compliance with the law and regulations to ensure there is no disruption to Theta Group’s operations arising from the Scheme.