Statoil has spent billions on early retirement packages

Statoil has given billions in early retirementStatoil

In two years, Statoil has spent 3 billion on lucrative packages for early retirement.

“In 2015 and 2014  Statoil offered early retirement (severance pay) to a defined group of workers over 58 years of age,” the company said in the notes to the financial statements published recently, according to Dagens Næringsliv.
It appears that early retirement packages have cost the company 1.4 and 1.6 billion NOK respectively in the previous two years. The packages are part of their efforts to reduce their number of employees by one-fifth of the current number to around 21,000 by the end of the year.
– We have a need for restructuring. The objective is for us to use voluntary means as much as possible in implementing this . We see that many of those taking early retirement want to take other work. It’s not like all of them are leaving the workforce,  information director in Statoil , Bård Glad Pedersen, says .
Those who accept the offer of early retirement will receive 66 percent of the pensionable salary until they are 67. Then they have to take out National Insurance, pension and occupational pensions. Statoil will be covering the difference at up to 66 percent.


Source: NTB scanpix / Norway Today