Early retirement offer extended – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Early retirement offer extended

Eligible civil servants now have an extra month — until October 16 — to decide whether to take up an offer of early retirement.

A five-point two-year agreement between Government and its workers included an incentive programme for early retirement open to those 480 workers aged between 60 and 64.

Six months pay is on offer for those who opt in, but they were to have accepted by September 16 and had to leave the service by the end of September.

It is estimated that about $3.5 million to $5 million could be saved in the first year but another $7 million to $10 million in savings could be realised if just 50 people take up the early retirement offer, as the retirees will not be replaced.

Assistant Cabinet Secretary Judith Hall Bean revealed the extension of the deadline when asked how many government employees had taken up the offer.

She said the Bermuda Trade Union Congress and Government had agreed to the October 16 extension and that those who accepted would now have to retire by the end of October.

“There have been several expressions of interest,” she said.

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Published September 18, 2013 at 9:00 am (Updated September 18, 2013 at 1:32 am)

Early retirement offer extended

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