ERIP Basics
HR Daily Advisor
MAY 23, 2016
ERIP stands for Early Retirement Incentive Plan. Employers have been using ERIPs for years—they’re an effective way to influence the workforce and even sometimes to avoid implementing a layoff. An ERIP essentially provides an incentive for eligible employees to voluntarily retire early, as the name implies. The key to successful implementation is to ensure that participation truly is voluntary, yet it’s enticing so that enough employees will utilize the ERIP.
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