Butterfield Bank has offered more than nine percent of its Bermuda workforce, or 56 employees, voluntary early retirement, citing the economic slowdown and changes in technology.Butterfield already has reduced staff in Bermuda by 10 percent over the past year. Total headcount now stands at 608.The 56 employees offered the option of voluntary early retirement are aged between 58 and 64, a bank spokesman said yesterday.“It is not mandatory,” the spokesman told The Royal Gazette. “It remains to be seen how many (of the 56) accept.”In a statement the bank said: “Those employees who accept the early retirement offer will receive a financial incentive (based on years of service) and full retirement benefits, including their full pensions, select banking benefits and post-retirement medical benefits.“As acceptance of the offer of early retirement is entirely voluntary, those employees who elect not to retire will continue to be employed in their current roles.”Michael Collins, Butterfield senior executive vice-president, said: “The bank continually reviews the size and structure of its operations to ensure we are handling business volumes as efficiently as possible. Our decision to offer voluntary early retirement is driven by recent changes to our technology and slower economic activity in the Bermuda market.”In the third quarter of 2012, the bank trimmed operating expenses by $1.9 million compared to last year’s third quarter, partly through cutting its group-wide headcount among continuing operations by 77 over the past 12 months.Of those, 66 people left the payroll at the bank’s Bermuda operation, meaning the local workforce fell to 608 people, down nearly ten percent over the past year.The bank’s announcement comes amid talk in business and political circles that a large number of layoffs were planned at Butterfield, or a financial services company.