Cyprus Mail

CyTA declares voluntary redundancy scheme a success

By Constantinos Psillides

CYTA’S VOLUNTARY redundancy scheme has proved a major success, according to CyTA spokesman Lefteris Christou who said on Saturday that 549 employees had opted to leave.

The deadline for applying for the redundancy scheme expired on Friday, and despite being one employee short of the set goal of 550, Christou said the take up rate was good news for CyTA.

“We estimate that the financial gain for CyTA would be around €250 million. The average compensation being paid out is €72,000 and the maximum was €125,000,” Christou told the Cyprus News Agency..

Employees will start leaving in July and the scheme will be completed by June 2015.

The departure rate by will be decided next week. Christou said some departures will take longer than others because of the need to train replacements.

Christou clarified that employees who have chosen voluntary redundancy come from all levels of the organisation.

He added that in the coming week the restructuring plan will be put into place, to make the transition as smooth as possible.



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