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Firms opt for less contentious early retirement plans - 7 Mar 2018 21:40

Constant Munda

Employers are increasingly opting for voluntary early retirement schemes over layoffs to avoid potential costly litigations and protect their corporate image in a slowing economy. Voluntary early retirement usually comes with a more attractive cash package, benefits and dignity than dismissals, human resources experts say. Federation of Kenya Employers executive director Jacqueline Mugo says the voluntary plans are less contentious and more cost-effective. “Employers prefer to handle separation as amicably as possible within the confines of the law and organisational financial muscle,” Ms Mugo said. She said the age of employee and years of service largely inform the size of package a staff gets when exiting employment. A number of Nairobi bourse listed firms including Britam #ticker:BRIT, National Bank of Kenya #ticker:NBK, KCB Group #ticker:KCB and Standard Group #ticker:SGL are some of the firms that have announced voluntary retirement plans in recent years. The need to reduce staff and freeze ...
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