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BPI offers voluntary early retirement, job transfers to employees

 

By JAMES A. LOYOLA

Bank of the Philippine Islands (BPI), one of the country’s leading commercial banks, is offering its older tenured employees a voluntary early retirement package in light of health risks due to COVID-19 while looking for alternative employment for some of its probationary employees.

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A notice of separation, effective July 1, 2020, cited the effects of the pandemic and quarantine measures imposed by the government which has resulted in limited transactions and excess manpower capacity and “this excess capacity is expected to remain given the expected prolonged economic downturn.”

BPI had informed affected probationary employees that their posts have been identified as redundant as “the number of regular job positions is already sufficient to serve the reduced number of business transactions…”

“With COVID-19 presenting health risks and accelerating business transformation, we offered a number of our older tenured employees a purely voluntary early retirement package that assured them of preferential retirement terms, to allow them a smooth transition into the next phase of their lives,” said BPI President Cesar Consing.

Consing also said the bank “decided not to offer permanent positions to approximately 30 percent of our probationary employees.”

However, Consing noted that, “the affected employees will be given the opportunity to interview with one of our affiliate companies which has expressed an interest in hiring a large majority of them.”

The affected probationary employees were also given separation packages in accordance with labor laws. BPI said the affected probationary employees comprise less than 2 percent of its workforce.

“We thank our departing employees for their dedicated service to the bank and wish them all the best in their future,” he said.

Affiliate BPI-Philam Life (BPLAC) is set to expand its distribution as well as digital and fintech capabilities by recruiting a significant number of staff.

“The continuous rebalancing of our workforce and streamlining of our operations are necessary measures to respond to the current business environment and to better serve the evolving needs of our clients,” said BPLAC Chief Executive Officer Surendra Menon.

He noted that the firm “continues to focus on its mission to save lives and close the protection gap. This has become more pronounced in the current situation.”

As such, “In the wake of the ECQ’s impact on the labor market, we have a plan that includes hiring people with capability who may have been displaced,” said Menon.

“With the heightened awareness for protection, we need more people for us to be able to address this huge demand. In line with this, we expect to hire most of the BPI employees who will be available for career opportunities. We are confident that they will be a great addition to our growing team and to us moving forward.

BPI had informed affected probationary employees that their posts have been identified as redundant as “the number of regular job positions is already sufficient to serve the reduced number of business transactions…”

The notice of separation, effective July 1, 2020, cited the effects of the pandemic and quarantine measures imposed by the government which has resulted in limited transactions and excess manpower capacity and “this excess capacity is expected to remain given the expected prolonged economic downturn.”


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/31/bpi-offers-voluntary-early-retirement-job-transfers-to-employees/)

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