​Privatisation of Company​

Four (4) options are available for termination of employment for future pensioners in the event of privatisation: 

  • Retired once received an offer from other Organization

  • Termination of Service

  • Optional Retirement

  • Retired due to position abrogated

 

Resigned After Being Appointed To Serve In An Organization ​

[Section 12A Act 227 / Section 13 Act 239]

An employee who retires from the above provisions needs to be serving the company for 5 years continuously unless conditions as per below occurred:

  • An illness confirmed by the Medical Board of the Government,

  • Passed Away, or

  • Downsizing policies as agreed by the Government.


Schemes offered:

Scheme A

  • Salary, Allowance, Bonus, Leave & Medical expenses according to government rate 

  • Able to convert to Scheme B within two years (after 2 years, only able to convert by obtaining a job promotion)

  • Duration of Service and the last drawn salary at the company will be taken into account for retirement benefits  

  • Pension, retirement card & benefits will be given at the age of 55/56/58/60 based on options 


Scheme B

  • Salary, Allowance, Remuneration, Leave & Medical expenses according to company rate

  • Not allowed to convert to Scheme A

  • Duration of Service and the last drawn salary at the company will not be taken into account for retirement benefits  

  • Benefit, Retirement card & Pension received at the age of 50(M)/45(F) 


Termination of Employment

Benefit gained by terminated members:

  • No pension benefit

  • Subject to EPF scheme​

  • For permanent and temporary employees; the company must offer the reappointment option based on the terms and conditions

  • As for part-time and contract basis employees; the company have the authority whether to offer re-appointment option



Optional Retirement

[Section 12 Act 227/239]

  • Benefit & Retirement Card received on the date of privatisation

  • Members who are appointed before 12.04.1991 will receive pension at the age of 50 (M) / 45 (F) while for members appointed after 04.12.1991, they will receive their pension at the age of 55.


Retirement Due To the Abolition of The Position

[Section 10(5) (b) Act 227/239]

  • Benefit, pension card & pension received on the date of privatisation  

  • Not subject to age or date of being appointed

  • Not allowed to join the company / reappointed by the company except for the employees who have reached the age of 50 (M) / 45 (F) and above. Whereas those whom have serve less than 10 years can be considered to work with the company again subject to the special approval from the Government.​