Britam Holdings PLC has announced a Voluntary Early Retirement (VER) program that is targeting to reduce its staff numbers by at least 100 employees.
The retirement package will see staff paid a salary of 51 days for every year worked.
The firm said the VER is part of the strategic journey that it embarked on in 2011 that has seen the firm rollout its new technologies aimed at enhancing customer relations and engagement in line with the strategic plan.
“The VER is part of our business realignment process that places our customers at the very heart of our business and focuses on building and growing market leadership through greater efficiencies driven by innovation and technological advancement,” said Dr. Benson Wairegi, Britam Group MD.
With over 50 years of operation, Wairegi said that Britam has an obligation to remain agile, relevant and responsive to the changing market conditions as expected of any dynamic business by its shareholders, customers, partners, employees and the general public.
Wairegi noted that Britam has continued to grow in line with its strategic plan, firmly anchored on its continued diversification within the financial services sector.
“While our business remains fundamentally sound with strong growth prospects, the VER program offers all our Kenyan employees a voluntary opportunity for employment separation with an attractive benefits package. The VER program does not impact our financial advisors,” Wairegi said.
Under the VER program, eligible employees will receive an attractive package which is well above the industry average.
Britam becomes the latest firm to send home its employees in recent months. Banks have been the most aggressive in cutting staff following the interest rate caps. National Bank and Family bank each sent home 150 employees in recent weeks. Barclays Bank Kenya sent home 323 staff last year.