Panic as Standard Group asks Staff to Take Early Retirement

Facing financial difficulties, the Standard Group, owned by Moi, is implementing a restructuring plan in response to dwindling advertising revenues.

The media conglomerate has made a plea to its employees, urging them to consider early retirement.

This request, outlined in an internal memo leaked to a local media house, is part of the company’s efforts to reduce its payroll. Acting CEO Joe Munene has assured staff that those who opt for early retirement will be rewarded.

This move aims to address concerns raised by editorial teams regarding a shrinking talent pool.

This development follows earlier cost-cutting measures, where the company had to lay off staff due to ongoing struggles with meeting payroll and covering other operational expenses.

The Standard Group is taking proactive steps to stabilize its financial situation amidst these challenging times.

The company has been paying staff in installments, an indication that the media house which owns the Standard newspaper and KTN among other brands is struggling financially.

After careful consideration and in our ongoing efforts to adapt to changing business needs, we are pleased to announce the availability of a Voluntary Early Retirement (VER) Package,” read part of the statement.

“The VER program offers all our employees voluntary opportunity for employment separation with an attractive benefits package.”

Some of the benefits include payment for days worked until the date of exit,  severance pay of 15 days for every completed year of service, and payment for leave days accrued and not taken at the time of exit.

Others include a notice pay as per contract of employment, pension dues in accordance with the Scheme Rules of Contract of Employment respectively as well as a payment of goodwill for every completed year of service.

The employees who take up the offer will also be entitled to medical, and group life insurance up to the end of the year.

The offer will run from Friday, October 6, to the close of business on Wednesday, October 11.

Nonetheless, the management indicated that it reserved the right to accept or decline a request for the package.

The VER process will, however, not interrupt the ongoing redundancy process which will be conducted concurrently.