Fortis breaks redundancy pay guidelines

Fortis Nederland, which has been nationalised since early October, is to pay sacked staff more than the compensation limit agreed between unions, employers and ministers, the Volkskrant reports on Friday.

Banking unions and Fortis management have agreed to continue with the current redundancy package, which means staff earning more than €75,000 a year will get more than one year’s salary as a golden handshake.
At the autumn talks between unions, employers and government it was agreed to put a one-year salary ceiling on top people’s redundancy payouts. That agreement brought to an end a long-running conflict over reducing generous redundancy packages.
The Fortis deal covers 8,000 staff and will run until March 2010.

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