Bank offers paid career breaks
Updated on 11 November 2008
An Irish bank has offered staff a paid career break in a bid to cut costs during the recession, it emerged today.
Permanent TSB propose to pay employees up to 35,000 euro (£28,500) to take three years off work until the economic downturn picks up.
Young workers with the travelling bug and employees who want to return to college or try new projects are expected to take up the offer.
Unite trade union, which represents 1,600 of Permanent TSB's 2,500 staff, said the move was novel and innovative.
A bank spokesman said since the economy had slowed down, the institution expected business within the banking sector, in particular demands for loans and mortgages, to drop too.
"This is a flexible response to manage our staff costs over the coming years and one where both the company and staff can benefit," he added.
Unite regional organiser Colm Quinlan said: "We are happy that it is absolutely voluntary and will preserve jobs in the long run," Mr Quinlan said.
"We have also got additional guarantees about people returning to work and to pensions schemes after the career break."
The bank told staff it would offer to pay employees up to 20,000 euro (£16,300) to take a two-year career break and up to 35,000 euro each for a three-year break.
Those who accepted would sign a clause to ensure they did not take a job at a rival bank during their break.
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