Flip through the latest issue of Gulf Weekly.
Gulf Air has launched a Voluntary Redundancy/ Retirement Scheme (VRS) for its employees as part of the airline's 'new strategy' to create a dynamic and commercially sustainable national airline serving the people and the economy of Bahrain.
Gulf Air CEO Samer Majali, pictured right, said: "A key part of our strategy is to review all cost elements of the business that have an impact on its sustainability and profitability. This included personnel-related costs. Offering a VRS was one of the suggestions put forward by employees and employee representatives to address this issue.
"After careful consideration and a series of consultations with the Gulf Air Trade Union (GATU) and the Ministry of Labour, we have come up with a VRS that we feel offers a reasonable financial package to Bahrainis and former owner-state nationals wishing to leave Gulf Air and wanting to pursue other business or personal ventures."
Participation in the VRS is entirely voluntary and no one will be forced to take it. However, the decision to approve or reject any application will rest with a management committee.
Under the scheme, employees whose applications have been approved will receive a compensation of one month's salary for each completed year of service, three month's salary as an ex-gratia payment and one month's salary in lieu of notice period.
In addition they will also receive other benefits such as medical insurance coverage and staff travel benefits for a limited time.
