Saturday September 26, 2020

AIB layoff terms set to undercut industry norms

AIB is expected to offer employees redundancy terms of five weeks pay per year of service in its bid to reduce headcount at the bank.

19th February, 2012

AIB is expected to offer employees redundancy terms of five weeks pay per year of service in its bid to reduce headcount at the bank by 2,000 people, according to industry sources.

A deal has not yet been formally signed off between the nationalised bank and the Department of Finance, but sources familiar with the terms of negotiations said the likely buy-out package would settle at three weeks pay plus the statutory two weeks.

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