Permanent TSB, one of the largest players in retail banking in Ireland, is offering staff a paid career break in an effort to cut costs.
The initiative is being taken as the bank expects less business volumes in the months and years ahead arising from the recession in the Irish economy.
Permanent TSB has confirmed it is offering to pay employees up to €20,000 euro to take a two year career break (€10,000 per year) or €35,000 for a three year break.
Unite, the trade union which represents 75% of Permanent TSB’s 2500 staff, has given the initiative a cautious welcome.
Regional organiser with Unite, Colm Quinlan, described the proposition as a novel one that has not been seen before and which ultimately does preserve jobs.
However, he said a number of points had still to be ironed out.
He said the union had been informed by management of the initiative and had not objected to it being circulated to staff.
Permanent TSB hopes the career break will appeal to younger employees who might take the opportunity to travel.
The bank will also be anxious not to lose staff entirely given the high cost of training and staff development.
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