Feb. 2 (Bloomberg) -- Royal Bank of Scotland Plc’s Ulster Bank unit formally outlined terms of its planned redundancy program, which have been rejected today by the Irish Bank Officials’ Association, a spokesman for the labor union said.
Ulster Bank offered to pay people applying for redundancy three-and-a-half weeks’ salary for every year worked with the Dublin-based lender, inclusive of statutory entitlements, the IBOA spokesman, who declined to be identified because of internal policies, said by phone today. The Ulster Bank offer included a cap on any redundancy package at two years’ salary, he said.
Ulster Bank said Jan. 12 it planned to eliminate 950 jobs in the Republic of Ireland and Northern Ireland in a second round of job cuts in four years. A spokeswoman for RBS wasn’t immediately able to comment.
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