Permanent TSB (PTSB) recently initiated a voluntary redundancy scheme, initially for senior managers, now extended to all 3,000 employees. The initiative could see approximately 300 employees exiting by 2025, during which high customer service standards will be upheld. Varied severance options are being provided, including significant salary packages tied to tenure. Notably, PTSB has experienced a significant surge in profitability and is now Ireland's third largest lender following the acquisition of Ulster Bank assets earlier in 2023. The bank, partly state-owned, has no immediate plans for further redundancy schemes.
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 weeks' salary per year worked, plus statutory redundancy of two weeks, or five weeks' salary per year worked, or 20 weeks' salary, plus statutory entitlements.
Led by chief executive Eamonn Crowley, PTSB has cemented its status as the country's third biggest lender after it took over around €6.75bn of former Ulster Bank loans in the Republic.
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