Permanent tsb offers career breaks to cut costs

DUBLIN Tue Nov 11, 2008 3:34am EST

DUBLIN Nov 11 (Reuters) - Permanent tsb, the banking unit of Irish Life & Permanent (IPM.I), is offering staff up to 35,000 euros ($45,140) to take "career breaks" in a bid to cut costs, the company said on Tuesday.

"This is a flexible response to manage our staff costs over the coming years and one where both the company and staff can benefit," a spokesman said, confirming a report in the Irish Times newspaper.

The bank offered employees up to 20,000 euros for a two-year career break and up to 35,000 euros for a three-year break, the paper said, adding it would appeal to younger employees among the bank's 2,500 staff.

Bancassurance group Irish Life & Permanent IPM.L, which will release a trading update on Wednesday, in August reported a 7 percent fall in first-half earnings and predicted that full-year group operating profit would fall around 10 percent. (Reporting by Andras Gergely; Editing by David Holmes)