AIB outlines redundancy pay proposals

AIB has today outlined its proposed redundancy terms for up to 2,500 staff.

AIB's mediator has proposed four weeks of pay per year of service, including statutory entitlement, or three weeks' pay per year of service plus statutory entitlement, subject to a payment cap of two years’ annual salary.

That offer is similar to what has been offered at Bank of Ireland.

The Irish Bank Officials Association said that it is seeking an urgent meeting with senior management a AIB to discuss its plans for the future.