KARACHI, April 14: The Habib Bank Ltd has revised voluntary separation scheme (VSS) for its officers and executives. A letter issued by the bank management to all branch managers says that the officers and executives opting for VSS will now get an Ex-Gratia the rate of which will vary depending upon the number of officers and executives opting for the VSS.
The letter says that if 1-500 officers and executives opt for the VSS each one of them will get the lowest Ex-Gratia of Rs60,000 but if 2,001 or more of them seek VSS they will get Rs185,000 each.
The rate of payment of Ex-Gratia will be Rs85,000 each if the number of officers and executives opting for VSS falls between 501-1,000 and it will be Rs135,000 each if their number ranges between 1,001 and 1,500. In case 1,501-2,000 officers and executives seek the VSS each one of them will get an Ex-Gratia of Rs160,000.
The letter says that the payment of Ex-Gratia is a one-time offer and it will not create any precedence in the future.
The letter further says that the deadline set for seeking VSS has been extended to April 25, 2005.
