Retirement –Standard Group Management has directed workers to go for an early retirement as the cash-strapped news outlet continues to grapple with losses.
A copy of memo leaked out on Thursday October 6, indicated that those who will choose to volunteer for the early retirement will be handed some goodwill.
The move, according to the statement from Acting Chief Executive Officer CEO Joe Munene, will help reduce salary expenses the company has been putting up with.
“After careful consideration and in our ongoing efforts to adapt to changing business needs, we are pleased to announce the availability of a Voluntary Early Retirement (VER) Package.
“The VER program offers all our employees’ voluntary opportunity for employment separation with an attractive benefits package,” read part of the statement.
Losses witnessed at Standard Group
This move happening just months after a section of staff was sent packing as the Moi-owned media house undergoes losses in reduced advertisement revenues.
A source from within, also leaked that, for a year now, the company has been paying outstanding dues is installments.
Those who will take the early retirement offer will have to receive all their dues including any unpaid salary, severance pay of 15 days for every completed year of service, and payment for leave days accrued and not taken at the time of exit.
Moreover, other benefits outlined in the memo include a notice pay as per contract of employment, pension dues in accordance with the Scheme Rules of Contract of Employment respectively, as well as a payment of goodwill for every completed year of service.
Offers to Employees
The employees who take up the offer will also be entitled to medical, and group life insurance up to the end of the year.
In a report by a committee established to dig into the behind-the-scenes happenings at the Standard Group, it was discovered that the accounts department, working with others, has been paying out salaries to staff members who left the company long ago.
Further, the accounts department was paying for unnecessary contractors and projects that wasted a lot of company’s revenue without any returns.
For that reason, the management issued a firm directive to the accounts department to be making payments only after receiving an official approval from a higher level.
Standard Group was started in 1902 and owns several news outlets among them KTN Tv (News and Home), Radio Maisha, Vybz radio, Spice FM, Standard newspaper among a few others channels.
