The Board of Investment (BOI) is looking to trim up to 50 percent of its workforce with a voluntary retirement scheme doing its rounds among staff.rn

rnFollowing the BOI Act that was passed in Parliament in December last year, the country
quote s main investing arm is being restructured – split up into five Regional Economic Commissions.rn

rnEach individual BOI unit will oversee operations in five industrial zones in the North, East, Southern, Western and Central provinces. rn

rnBut with the restructuring, about half its staff will have to go, BOI officials say.rn

rnUnder the VRS, permanent employees with more than 10 years of service will get two months salary for each year of past service, and one month for service foregone.rn

rnThose counting less than ten years of service will get four months salary for each year of service, with a minimum compensation of 18 months salary or 150,000 whichever is lower.rn

rnCasual and contract employees will receive a minimum compensation of 12 months salary wi