HDC opens voluntary redundancy scheme for employees with financial compensation packages
As part of its transition to a new organizational structure, Housing Development Corporation (HDC) has offered employees the opportunity to voluntarily resign with financial incentives. Staff may choose between a redundancy severance package or retirement benefits based on their years of service. This initiative aligns with directives from the Privatization and Corporatization Board (PCB) to reduce headcount and cut costs across state-owned enterprises.
The building housing the HDC office has seen a significant influx of new employees hired in conjunction with the elections. | Mihaaru
The Housing Development Corporation (HDC), which saw a significant surge in recruitment leading up to recent elections, has opened an opportunity for employees to voluntarily resign from their positions.
HDC issued the memo to its employees on Thursday.
The memo stated that the company's board has introduced significant amendments to the retirement policy and the procedures governing employee redundancy.
In a memo issued by the Human Resources department, it was stated that employees wishing to resign voluntarily during the transition to the new organizational structure will be offered two distinct options.
According to the memo, employees who opt for voluntary redundancy will be entitled to a comprehensive severance package in accordance with established regulations. Alternatively, eligible staff may choose voluntary retirement. The memo states that those meeting the criteria will be able to retire with a substantial lump-sum financial payment, calculated based on their position and length of service to the company.
The memo further stated that employees can obtain additional details, eligibility criteria, and application deadlines through their respective department heads and the Human Resources Department.
HDC issued this directive to its staff following an instruction from the Privatization and Corporatization Board (PCB) last April, which mandated state-owned enterprises to reduce their workforce by 33 percent. As various government companies move to downsize under the guise of cost-cutting measures, Fenaka Corporation—which is currently operating at a significant loss—also offered employees a voluntary redundancy package in early June, providing four months' salary for those choosing to resign.
