Ulster Bank redundancies

A mediator has recommended that the proposed 950 redundancies at Ulster Bank be voluntary and that departing staff be given four weeks’ pay per year of service inclusive of statutory.

The mediator, Martin King of Ampersand, says the redundancy terms should be capped at 104 weeks’ pay and that a €2,500 vouched training grant should be available to those staff who choose to leave.

According to Industrial Relations News, which obtained a copy of the mediation, Mr King also recommends an early retirement package with an actuarially reduced pension for up to 50 “at risk” staff, aged 55 or above, with an additional payment of 1.25 weeks’ pay for each year of service (with no cap) as well as access to the vouched training grant.