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Banking Redundancies

  • 15-04-2011 6:43pm
    #1
    parsi
    Site Banned Posts: 5,904 ✭✭✭


    Is it true that the redundancy payments from the failed banks will be at a higher level than statutory ?

    Is it also true that those made redundant will retain their defined-benefit (gold-plated in Independent-speak) pensions ?


Comments

  • #2
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    I would say Yes & Yes, but I don't believe any details have been released yet?

    On Redundancy.. when was the last time any Irish government made people redundant with just basic statutory? From what I understand they are hoping for voluntary redundancy, so like the PS package, it must be high enough to entice people to leave..
    On Pensions, they have earned up their years of service.. so that should never be stripped from anyone.. The banks moved from 100% DB a few years ago though also if memory serves.


  • #3
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    The worrying thing about voluntary redundancy is that in one way it is just a way of throwing money out the window for your brightest employees to run away and work for your competitors, in the IFSC, or other financial houses abroad.

    I have no doubt but the people who apply for VR will be those who are already disillusioned with their future in the banking sector. I left it to go elsewhere myself and so did some colleagues. My previous manager is now in a better paid role in the IFSC. The guy who is doing his duties (because he wasn't replaced) got a BComm from UCD in the late 70's, hates his job, and would face little prospect of being re-hired. By rights, it should have gone the other way around. The guy working in the IFSC ought to have taken over both roles, and the other guy taken upstairs for a chat. I'm no HR expert, but I think that's what we lay men call efficiency.

    This is an example of what will be replicated all throughout the banking sector with voluntary redundancy. You will have banks brimming with lethargic and unambitious individuals who wouldn't get hired elsewhere.


  • #4
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    Thanks folks.

    Interesting points about voluntary redundancy not really doing much good to clear out the lifers who trundle in late and potter around for the day.


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