Dáil Éireann Debate, Tuesday - 31 January 2017
131. Deputy Michael McGrath asked the Minister for Finance the amount which was paid out by NAMA in 2016 in respect of redundancy payments; the number of employees who received payments; the terms of the redundancy payments; and if he will make a statement on the matter. [4152/17]
View answerThe information sought by the Deputy is set out in NAMA's Annual Report and Financial Statements for 2015 on page 103 (Note 10.1 - Staff costs). I am advised by NAMA that an amount of €3.6m was paid, in respect of 50 members of staff who departed under the Voluntary Redundancy Scheme, in 2016.
As set out in response to Dáil Question 116 of 14 January 2016, the redundancy element of the scheme is in keeping with established public sector norms; that is, two weeks statutory pay per year of service, capped at €600 per week, plus three additional weeks of base salary per year of service with an overall cap of two years base salary. NAMA has advised that the redundancy payments referenced in its 2015 Annual Report and Financial Statements have been made in line with these public sector norms.
NAMA has also advised that the retention portion of the scheme is being implemented in line with the stipulated parameters, which I agreed with the NAMA Chairman in March 2015, regarding the quantum of any payment under the scheme, the timing of any such payment, and employee eligibility under the scheme. The underlying objective of the scheme is to help safeguard NAMA's performance in line with an orderly wind-down plan.
