HSBC’s Voluntary Separation Scheme (VSS) announced to the Sri Lankan staff last month as part of a global restructuring drive, has identified some 80 job cuts and it will be announced by next week, officials said. They said that this ‘identified’ staff was told by their superiors of the intention to scrap their jobs and [...]

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The Sundaytimes Sri Lanka

Some 80 job cuts at HSBC by Oct. 12th

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HSBC’s Voluntary Separation Scheme (VSS) announced to the Sri Lankan staff last month as part of a global restructuring drive, has identified some 80 job cuts and it will be announced by next week, officials said.

They said that this ‘identified’ staff was told by their superiors of the intention to scrap their jobs and they were strongly recommended to accept this scheme. “If they don’t, the superiors had ‘hinted’ that the bank will be compelled to act according to the Termination of Employment of Workmen (Special Provisions) Act No. 45 of 1971 (TEWA),” an official told the Business Times. The last date to accept the scheme is on October 12th. “By 17th they’ll tell staff whether their application to accept this scheme has been accepted or not,” the official said.




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