KUALA LUMPUR (Dec 7): Tune Protect Group Bhd has completed a voluntary separation scheme (VSS) exercise involving a payout of RM4 million for 58 approved applications.

In a filing with Bursa Malaysia, Tune Protect said the VSS was done at its 83.3%-owned subsidiary Tune Insurance Malaysia Bhd (TIMB) and involved 15% of the unit’s permanent workforce.

“The scheme was implemented and made available to the eligible permanent employees within TIMB. The VSS was voluntary in nature whereby it provided options for eligible employees to decide to leave or continue working for TIMB,” it said.

Tune Protect added that the VSS was implemented as part of TIMB’s business transformation and restructuring plans for the immediate term in line with the group’s digitalisation journey.

Through the VSS, TIMB intends to maximise its manpower utilisation and increase its operational efficiency and productivity,” it added.

Tune Protect said various efforts had been undertaken to address employee concerns including multiple briefing sessions that were conducted nationwide and a dedicated helpdesk.

“Arrangements have also been made to assist employees with career transitioning and alternative support,” it added.

Tune Protect’s share price closed unchanged at 60 sen today, giving the group a market capitalisation of RM451.06 million.
Year-to-date, the counter has gone down by 47%.