Standard Group’s acting CEO Joe Munene announced an extensive voluntary early retirement package for all employees in a internal memo Thursday, offering up to 15 days severance pay and other attractive benefits to those who opt to leave their jobs amid a broader company restructuring effort.
The memo, obtained by Sharp Daily, said the lucrative package will be available for a short window from Friday to Wednesday this week for all employees.
It includes 15 days severance pay per year served, two additional ex gratia days payment per year worked, full payout of accrued leave days not taken, contractual notice pay, pension contributions and medical and life insurance coverage through year’s end.
“After careful consideration and in our ongoing efforts to adapt to changing business needs, we are pleased to announce the availability of a Voluntary Early Retirement (VER) Package,” acting CEO Joe Munene wrote in the memo dated Thursday.
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He said the company will communicate acceptance or rejection of applications within seven working days of the deadline.
Munene noted management reserves the right to decline any request for voluntary retirement. The VER program will run concurrently with ongoing redundancies, he said.
The acting CEO strongly encouraged worried workers to immediately contact human resources with any questions or concerns about the details of the offer. He did not provide specifics on the number of employees approved for early retirement or the total cost of the packages.
The memo comes as Standard Group undertakes painful restructuring after years of falling revenue and budgets cuts. The media conglomerate, which operates Kenya’s oldest newspaper The Standard and KTN TV station, has seen revenue drop steadily in the recent past, according to financial statements.
To remain profitable, Standard Group has laid off dozens of employees, left positions unfilled and closed bureaus and printing presses in recent years. The voluntary retirement deal appears aimed at further reducing staff levels and labor costs.
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