Siam Commercial Bank (SCB) said on Monday that it would provide an early retirement package for employees who are willing to quit, while offering a severance package as high as 33.3 times their latest salaries.
The programme opened for registration on April 20 and will go on until May 31.
To be eligible, employees must be 55 years or more before December 31. They must also be a full-time employee and currently not under any disciplinary action and/or inquiry.
The severance package will comprise two portions: a basic compensation of 1-13.3 times the latest salary, and a special compensation of 1-20 times. Both are charged for years of service based on a maximum amount of 20 years. That is, if an employee has been working for 20 years or more he/she will be entitled to 33.3 times their latest salaries.
Other benefits such as unused leave in 2020 and Provident Fund benefits will also be paid in accordance with legal requirements.
The bank did not disclose the target number of this programme. However, a news source revealed that SCB has about 1,200 employees over 55 among a total of 27,000 employees.