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AIB wants people to leave voluntarily (and is cutting the pay of those who don’t), so would you go quietly in this market?

(By Alatryste)

(By Alatryste)

AIB is indeed making another 2,500 people redundant. The Irish Times reports that the bank is splitting the cuts proportionately between its 12,500 staff in Ireland, it’s 2,500 staff in Northern Ireland, and its UK division. Half the cuts are to happen this year. Half are to happen in 2013.

Ideally, it wants all these redundancies to be voluntary and will be offering severance packages and early retirement deals, although the details of these will not be finalised until April. As an added incentive for people to leave, the Independent reports that those who don’t go when encouraged to, will receive a 10% pay cut.

Needless to say, now may not be the best time to walk away from a job voluntarily. There have been 6,000 job cuts in Ireland since 2008 according to the Irish Bank Officials Association. The Independent points out that some of those now being encouraged to take voluntary redundancy took out large mortgages on preferential terms with AIB, with some staff on salaries as low as €35k understood to have borrowed more than €500k.

 

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