Filenews 4 July 2022
An Early Retirement Plan will be offered by the Bank of Cyprus, according to a circular of ETYK, which states that the plan will be like the previous one, i.e. with a maximum amount of compensation of €200,000.
This is the latest voluntary exit scheme. Despite the competitive environment, as stated by ETYK, the plan is generous as the compensation for those who choose it can be up to €200,000 and the amount will be tax-free. The aim is to reduce staff by 15%, which corresponds to about 500-600 people.
In the event that the desired staff reduction is not achieved, other ways will be considered, including redundancies.
"Although the Bank's Management preferred in principle the implementation of a Plan, as Hellenic Bank wished to do, respecting the contribution of colleagues, but also wanting to give them the financial means of survival after their departure, it accepted once again to offer an Early Retirement Plan, which initially they wished to do, but with a smaller amount of compensation.
Through our repeated pressures, and despite all its objections, the Bank informed us that it agreed to adopt a Plan like the previous one, with a maximum compensation amount of €200,000.
This development is historic and significant even if the Bank told us that this is the last and will not be repeated.
This fact, especially today, is of great importance because it sends strong and strong messages to everyone and especially to the Management of Hellenic Bank.
We hope that the Plan will be implemented without problems and extravagances, leaving satisfied both the Management of the Bank of Cyprus and the colleagues themselves", it is noted in the circular of ETYK.
