Government has estimated that the early retirement eligibility plan could result in savings of up to $6.2 million.

By June 30, 79 individuals will have taken advantage of the cost-saving measure, which was highlighted in the 2015-16 Budget Statement, according to a statement issued by the Cabinet Office yesterday.

“It should be noted that 850 government employees were eligible under the scheme,” the statement said. “By June 30, 2015, 79 individuals will have taken advantage of the early retirement initiative.

“As a result, the Government foresees some $6.2 million in savings from salaries.”

The plan was targeted at Government employees aged between 55 and 64 years.

As of March 31, 93 of the 850 eligible workers had applied to receive early retirement. Forty-eight individuals were approved as of March 31, and a further 31 were approved as of June 30.

Twelve applications were denied, one was withdrawn and another voided.

Derrick Binns, the Cabinet Secretary and head of the Civil Service, thanked the retiring individuals for their service to the Government and wished them well in their future endeavours.