ING Belgium offers lucrative early retirement plan

ING has prepared a very large severance package for its employees over the age of 55 as part of the major reorganisation of the bank in Belgium. About 1,500 employees will be allowed to retire early under the new plan, and they will continue to receive 60-80% of their current salary until their actual retirement age. The monthly stipend is guaranteed, even if the former employee should accept another job, the bank announced.

The offer – aimed at employees over 55 who have worked at ING for at least 10 years – is included in a social plan agreed upon with the unions. The financial group announced the major reorganisation last year in October, along with the news that some 3,000 jobs would disappear in Belgium in the period leading up to 2021.

The management hopes that this new voluntary departure scheme will greatly reduce the number of lay-offs.