Danske staff in line for bumper redundancy deal
STAFF at Danske Bank will receive redundancy packages equal to as much as 130 weeks' pay when they lose their jobs after the bank pulls out of Ireland next year.
Some 150 permanent employees of Danske Bank in Ireland will be forced to take redundancy between February and June 2014. A further 150 contract staff will also lose their jobs.
Departing permanent staff will receive a minimum payment of €12,000 each under a deal agreed between the bank and the Irish Bank Officials Association (IBOA).
Staff are being offered a payment of five weeks pay per year of service -- with a minimum payment of €12,000 and a maximum package of 130 weeks' pay when they leave.
Based on a typical bank official's salary of €40,000 per year 130 weeks pay would be equal to €100,000.
In addition, the bank will provide a €3,000 retraining grant for exiting staff, and help with finding alternative jobs, under the deal.