Fidelity Investments on Tuesday said it is offering voluntary buyouts to 3,000 of its longer-tenured workers, the first program of its kind for the Boston money manager.
The firm on Tuesday began offering buyout packages to employees who are at least 55 years old and have been with the firm for a minimum of 10 years, a spokesman confirmed. The packages were offered to 6.7% of Fidelity's 45,000 employees globally.
Payouts as part of the buyout program can range from six months of salary to more than two years for senior and longer-tenured staff. The offers include base pay and a special bonus. The buyouts are expected to be effective at the end of June and employees have several weeks to consider the offer.
Fidelity said employees eligible for the buyout package will receive 18 months of continued health-care coverage on their current plans. After that, staff will have the option to stay on the health-care plan at a higher cost until they become eligible for Medicare.
"Our strong financial health allows us to offer this generous voluntary opportunity to our employees," the spokesman said in a statement.
The company said the buyouts offer "associates who are considering the next phase of their life a generous financial package" while allowing Fidelity to "provide additional career opportunities for our employees."