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NAMA staff in line for redundancy payments as it slashes job numbers

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NAMA CEO Brendan McDonagh

NAMA CEO Brendan McDonagh

NAMA CEO Brendan McDonagh

Staff at Nama will be in line for redundancy payments of around €34,000 as the agency slashes job numbers over the next two years.

The head of Nama Brendan McDonagh briefed staff on Friday on plans to cut employee numbers from 370 to 290 by the end of this year, and to 125 at the end of 2016.

Nama was set up in 2009 to run for a fixed 10 year period.

Staff working at the agency are employed by the National Treasury Management Agency (NTMA) on fixed term contracts and seconded to Nama.

The Irish Independent understands that redundancy packages will include three weeks pay per year of service, plus two weeks statutory redundancy per year which is capped at €600 a week.

Average pay at Nama is just over €100,000 a year – or €1,900 a week, which will mean a payout of €34,000 for an average employee who has been with the agency for five years.

Online Editors