A Bank spokesperson said all the people involved are aged 58 to 64 and said it is up to the individuals to decide whether or not they want to take the retirement.
A Bank spokesperson said all the people involved are aged 58 to 64 and said it is up to the individuals to decide whether or not they want to take the retirement.

WEDNESDAY, NOVEMBER 14: The Bank of NT Butterfield has offered retirement to 56 members of staff.

A Bank spokesperson said all the people involved are aged 58 to 64 and said it is up to the individuals to decide whether or not they want to take the retirement. The staff members were informed today and have until December 7 to decide if they want to take the voluntary retirement package based on years of service.

It will include full retirement benefits, including their full pensions, select banking benefits and post-retirement medical benefits.

If they do, the employees last days will be between December 31, 2012 and March 31, 2013.

Michael Collins, senior executive vice president, Bermuda, said: “The Bank continually reviews the size and structure of its operations to ensure we are handling business volumes as efficiently as possible. Our decision to offer voluntary early retirement is driven by recent changes to our technology and slower economic activity in Bermuda.