Gulf Air today announced it will be re-opening the Voluntary Retirement Scheme (VRS) for employees offering an enhanced benefits package. The move follows a series of high-level discussions involving the airline’s Board of Directors and Management, members of Parliament and the airline’s Trade Unions on rightsizing the airline’s manpower requirement as mandated in the restructuring strategy.
The reopening of the VRS demonstrates the recognition the airline’s Board of Directors and members of Parliament have for the employees’ contribution to Gulf Air.
The Board of Directors expressed their thanks to the parliament for their support allowing the re-opening of the scheme with additional benefits to the airline’s employees to help the airline as it works to align its manpower requirement to its new fleet and network and ultimately secure long term sustainability and the future of the national carrier.
The enhanced package is significantly higher than the legal obligations required by Bahraini Labor Law and will offer employees one month’s salary for each completed year of service, plus three months’ salary as an ex-gratia payment and payment in lieu of notice period as per contractual entitlements. In addition staff travel benefits will be extended for six months from the employee’s last working day, more generous than the contractual obligation.
This VRS is part of the airline’s restructuring process that will reduce the airline’s losses and put it on a path towards sustainability, strengthen Gulf Air’s core services, streamline its structure, reduce its losses and re-engineer its internal processes to transform the airline into an efficient and dynamic national carrier that will better serve its passengers and the Kingdom of Bahrain.