Talks on a severance and early retirement package for Irish Times employees concluded at the Labour Relations Commission last night with significantly improved terms on offer. The company wants to shed 250 jobs.
Staff are to receive five weeks' pay per year of service, plus statutory redundancy, which is worth an extra half week for service up to 41 years of age and a full week for service over 41. The minimum payment is 13 weeks pay, regardless of length of service. The maximum is 117 weeks.
There is a early retirement scheme for those aged 55 or over, which credits employees with five years' extra service. However, there is a reducing provision for those aged over 60. At 60 they will be credited with an extra 97 weeks' service, at 61 with 67 weeks, at 62 with 40 weeks and at 63 with 20 weeks. There will be no credits for those aged 64.
