Old Mutual Zimbabwe has revised its retrenchment scheme package to encourage voluntary participation of employees as the company is currently forced to cut expenses due to the economic meltdown.

In a memo given to the employees, the Group Chief Executive Officer Jonas Mushosho told employees that it is of paramount importance for the company to reduce it’s cost of operations due to the on-going economic challenges.

Mushosho said the first package was released in April this year with the company expecting to release 10 percent of its employees by end of the same month but the reception of the package did not turn out as expected.

He said the revision of the retrenchment scheme package by the company is an encouragement to employees to apply for the package especially those above the age of 55.

The company said the new package constitutes of an amount equal to 12 months salary, lump some economic hardships allowance (EHA) which will be paid on the day of retrenchment, a 3 months TGP plus EHA as notice pay amongst many others.

Mr Mushosho added that the scheme is being executed promptly to preserve the value of the package and all applications should be made by October 21 this year