The Central Bank has announced plans to make around 120 to 140 voluntary redundancies from its workforce as it seeks to reduce its overall pay costs.
In a financial strategy update, the Central Bank said it has introduced a multi-year programme targeting a €75m reduction in the trajectory of its projected expenditure up to 2030.
It said that most of the reduction in projected expenditure will be achieved through non-pay measures, including targeted IT investment, reductions in consultancy and contractor spend and other efficiency initiatives.
But it added that as previously communicated with staff, €26m will be achieved through a reduction in pay costs, which represents an 8% reduction in projected 2030 pay expenditure.
“The reduction in pay costs will be met through changing the size and shape of the bank, which is anticipated to lead to a reduction of around 120-140 roles,” the Central Bank said.
“In order to deliver this in the most efficient and effective way, the Central Bank has announced the launch of a voluntary severance scheme and has commenced engagement with its people and staff representatives”, it added.
It said that further details on eligibility, terms, and the application process will be communicated directly with staff in the coming days.
The Central Bank’s annual report shows it had a total of 2,225 Full‑Time Equivalent staff at the end of last year.
