More than 1,500 Fidelity Investment employees have accepted a voluntary redundancy package from the asset manager, according to the Boston Globe.
The deal was offered to around 3,000 employees, 7% of the firm’s 45,000 workforce, most of whom were 55 or older with 10 years or more service at Fidelity.
Over 50% of those offered the deal said yes, which exceeded the firm’s expectations, according to a Fidelity spokesman.
Workers from various divisions and regions took the buyout option which included four weeks of severance pay for each year of service and the option to remain on the company’s health care plan for 18-months with no change in costs.
Then spokesman said the healthcare element of the offer was a reason for its popularity.
‘We found that many employees were concerned about healthcare costs in retirement,’ he said. ‘In response to that concern, we made healthcare a central component of the opportunity, just as it has been a key part of our retirement program.’