$7M early retirement incentive bill for city of St. John's senior staff

The city of St. John's has released numbers on how much it is paying out to encourage city staff to retire early.

• Paul Mackey 1 of 5 senior staff retiring early from St. John's city hall
• City of St. John's offering early retirement to management-level staff
• 'There will be a cost saving,' Dennis O'Keefe says of early retirement offerings

The total, which includes the payout of annual leave and severance pay along with the retirement incentive, added up to $7,088,809, as of Jan. 31, said the city in a news release Monday.

In all, 29 staff, including five senior managers, accepted the early-retirement offer. 

The city estimated in its 2016 budget that it expects to save $8,648,198 in reduced salary costs over three years.

The early retirement incentive program was offered to individuals who were eligible to retire or were close to retirement in 2015.

Here's the city breakdown:

• Retirement incentive $3,839,817
• Annual leave            $1,039,768
• Severance                $2,209,223
• Total                        $7,088,809