In October, PTSB launched a voluntary redundancy scheme originally for senior managers, which is now available to all staff, with potential exits for 300 employees. The scheme offers unique payment options based on tenure and statutory entitlements, with a cap at 30 months' salary or €300,000. As a prominent lender following a significant acquisition of Ulster Bank's assets, PTSB's profitability soared despite rising operating costs. The bank will communicate results to applicants by February and does not plan to introduce further redundancy schemes soon.
Following receipt of applications to its Voluntary Severance Scheme, the Bank envisages that it could accommodate around 300 employees from across the Bank, exiting on a phased basis over 2025.
In considering individual applications, the Bank will ensure that a high standard of customer service is maintained.
The voluntary redundancy scheme includes options of four week's salary per year worked, plus statutory redundancy of two weeks or five weeks salary per year worked or 20 weeks' salary, plus statutory entitlements.
The bank's surge in profitability came on the back of a €20m impairment release and was despite an expected 20pc increase in operating costs.
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