IMF redundancy offer oversubscribed

The International Monetary Fund's bid to cut its workforce by 13% by offering voluntary redundancy packages has led to over 20% of employees asking to leave.

The Fund plans to cut its 2,901-strong workforce by 380 as part of its plan to reduce its budget by $100m and in March called on staff to take voluntary redundancy. However, 591 staff requested to leave, leaving the Fund in the tricky position of having to ask somewhere between 100 and 125 of those that put their name forward to stay.