Former NEDCO workers get VSEP payments

Former employees of the National Entrepreneurship Development Company Limited (NEDCO), who accepted Voluntary Separation of Employment (VSEP) and Voluntary Early Employee Retirement (VEERP) Programmes, have received outstanding monies

NEDCO says the payout was made on Friday 20th July, 2018.

The employees accepted the company’s offer of VSEP following the announcement of the company’s rebranding and restructuring exercise which was announced by chairman Clarry Benn in January of this year.

Benn had stated at that time, that the decision to restructure the organisation was necessary to ensure that NEDCO remains “strategically poised to discharge its mandate in an environment which called for acute sensitivity and responsiveness to prevailing social and economic conditions while steadfastly adhering to international industry benchmarks.”

The payment brings to a close the VSEP process, which also included the provision of additional support services such as, outplacement services, re-training as well as emotional and financial counselling for the affected employees.