KARACHI, Dec 12: Habib Bank has once again introduced Voluntary Separation Scheme (VSS)for Non-Clerical staff but made it different by offering them alternative jobs with shares holding of companies the Bank will buy in future.

This is the first time such a scheme has been offered in Pakistan by any organization with an option of alternative employment opportunity.

The HBL will acquire the shares in the Service Providing Companies and transfer these shares to the employees who would opt for the VSS. Employees opting for the VSS will benefit from the dividend income of these companies in addition to their respective salaries.  

Through the VSS, the HBL expects a significant change in their work culture, triggering enhancements in service quality as well as career development.

According to the VSS plan all non-clerical staff who are in the employment of the bank as on 31/12/2005, irrespective of length of service will be eligible. As an alternate employment opportunity, three years contract would be available with consolidated salaries higher than average market rates.

Other benefits include Medical Insurance, Uniforms & Shoes, Group Insurance, Social Security, Annual Leave and other leaves in accordance with the law.

HBL was privatized last year, with the Management of the institution being transferred to the Aga Khan Fund for Economic Development (AKFED).