Hellenic Bank retirement scheme to reduce staff

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A voluntary retirement scheme has been introduced by Hellenic Bank, one of the largest banks in Cyprus, in an attempt to reduce the annual employment cost which has seen an increase of over €6m in the 2-year period of 2014 to 2016.

Employees aged 50 and above can apply for the retirement scheme and depending on their current salary, years of employment, and age can be awarded up to €200,000 as compensation for their early retirement.

The Cyprus Union of Bank Employees has confirmed that they have approved the scheme provided that it will apply on a voluntary basis and that no pressure will be applied to the Bank’s employees to accept the scheme.