Felda Global Ventures Holdings (FGV) in Malaysia has announced a Voluntary Separation Scheme (VSS) for all its general managers and above, as a part of its manpower optimisation exercise.
In a statement on Friday (3 November), FGV group president and chief executive officer Dato’ Zakaria Arshad also revealed that general managers, senior general managers and vice-presidents including himself, would be taking cuts of about 15% to their allowances, in line with the organisation’s "frugal cost management initiative".
“This initiative has to begin from the top and it is a signal that we are making tough decisions in order to enhance the confidence of our shareholders and stakeholders.” commented Dato’ Zakaria.
The company is expecting a 15% take-up rate of the VSS out of the 236 staff (approximately 35 staff members) who have received the offer. According to the statement, the current management structure will remain unchanged.
The statement added: "The initiatives are in line with FGV’s strategic intent to deliver sustainable performance in the face of a challenging industry and to improve the operational and financial performance of FGV’s core business."
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