The Special Liquidators confirm that on the date of Special Liquidation there were a total of 805 employees employed by IBRC in the Republic of Ireland. Of these 545 employees have received Statutory Redundancy at a total cost of €5,360,926.31 and 260 employees had less than 2 years service and were therefore not eligible for redundancy payments.
I am advised by the Special Liquidators that the total cost of a redundancy payment based on 4 weeks salary* per years of service for these 545 employees would be €22,580,548 which is an additional €17,219,621.69 over and above the Statutory payment made.
I am advised that statutory redundancy is two weeks per year of service capped at €600 per week therefore the cost per worker per year of service is €1,200. There is also 1 additional week paid at €600 regardless of length of service.
* Minimum payment of €12,500 & limit of €175,000 applies.