Another word for Retrenchment discovered

Interesting News today:

30 March 2009: CIMB Group is offering its 36,000 staff extended unpaid leave under the "Staff Rejuvenation Programme" from next month. Group chief executive, Datuk Seri Nazir Razak, emphasised that the programme was not to lay off workers but to give them an option to take extended unpaid leave of between one and six months.

On whether the programme would reduce costs, he said: "We don't have a target but there will be cost savings. It's a positive move and a win-win situation. Under the current economic situation, it is fully understood that there is spare capacity."

It is understood that the workers who take up the group's offer will start their leave from 1 April, but this will not affect the bank's operations.

Definitely an April Fools joke on the employees of this bloated organization. Ever since CIMB forcefully acquired the profitable SBB, they have been steadily reducing the under-performing staff from BCB. Now, this round of so-called "Rejuvenation Programme" is probably aimed at making the subsequent redundancy programme look more legit.

Whatever it is, CIMB should not have been allowed to buy SBB and we all know why it was allowed.

It would be interesting to see what other banks will do - will they use the same word?

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