This archive report was first published on 26 September 2019.
Sanlam Kenya has become the latest firm to downsize its workforce, announcing a Voluntary Early Retirement (VER) program for its staff aged above 50 years.
According to the company, the VER program is a softer way to part with employees, and those who accept the offer will be released from the company's employment effective October 31, 2019.
Dr. Patrick Tumbo, the Sanlam Kenya Group executive officer, said that the exiting employees will receive pension benefits in accordance with organisational Pension Scheme Trust rules and Retirement Benefits Authority (RBA) regulations.
Additionally, the firm will offer compensation for unused leave days to the successful applicants.
Sanlam Kenya joins a growing list of companies that have announced downsizing plans, including Telkom, Stanbic bank, and East Africa Portland Cement.
As the business landscape continues to evolve, companies are being forced to adapt and reduce their workforce in order to stay competitive.
On September 26, 2019, Sanlam Kenya announced its VER program, which is aimed at reducing the company's workforce and revitalizing its business.
