The Business Times
business-time-50
Asean Business logo
SPONSORED BYUOB logo
SUBSCRIBERS

Indonesia’s Bank Commonwealth to cut 1,146 jobs after OCBC acquisition

Terminations will be effective Sep 1; labour advocacy group flags legal concerns in retrenchment exercise

google-preferred-sourceAdd BT as a preferred source
Elisa Valenta

Elisa Valenta

Published Thu, Jul 25, 2024 · 08:04 PM
    • PTBC is offering the affected staff an opportunity to join OCBC NISP, the Singapore bank’s Indonesian subsidiary that carried out the acquisition, before the effective termination date.
    • PTBC is offering the affected staff an opportunity to join OCBC NISP, the Singapore bank’s Indonesian subsidiary that carried out the acquisition, before the effective termination date. PHOTO: REUTERS

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    [JAKARTA] Indonesia’s PT Bank Commonwealth (PTBC) is set to lay off 1,146 employees following its acquisition by Singapore’s OCBC, two months after the 2.2 trillion rupiah (S$182 million) deal was completed.

    According to an internal management letter seen by The Business Times, employees were notified that the terminations would be effective Sep 1. Compensation will be given in the form of severance pay, service pay, separation pay and additional benefits, based on tenure.

    BT understands that PTBC is offering the affected staff an opportunity to join OCBC NISP, the Singapore bank’s Indonesian subsidiary that carried out the acquisition, before the effective termination date.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Indonesia

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Air India has been one of the foreign carriers most affected by the outbreak of hostilities in the Middle East.

    Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    Malaysia ranks 23rd globally on the Milken Institute’s global opportunity index.

    South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More