Ahead of a major retrenchment exercise that is scheduled for 27 July, the Standard Group Management members have asked all of its staff to apply for optional early retirement. According to Standard Group chief executive officer, Sam Shollei, those who will opt for early retirement will get a better layoff package compared to those who will wait for the retrenchment exercise. As usual the package will depend on one’s salary, union membership and the number of years they have worked for the organization. Those who are likely to be retrenched are those who are in departments that are already bloated, departments that do not add any real value to the company. However, no department will be spared in the exercise.
Standard group has over 1000 workers and is planning to let go of at least 30% of this figure. This translated to 300 workers. The management will be receiving retirement applications as of 27 July and each application will either be accepted or rejected depending on the value the worker has added to the company. Retrenchment will however go on as scheduled even if applications for early retirement are not received within the stipulated time.
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