Cyprus Mail

Hellenic Bank workers offered voluntary retirement scheme

By Stelios Orphanides

(Adds comment by workers union ETYK in third paragraph)

Hellenic Bank, Cyprus’s third largest lender, said that it is offering its workers a voluntary retirement scheme as part of its effort to restructure its business model.

“The compensation will take into consideration the termination of service and the loss of career of each worker who will opt to retire,” the bank said in an emailed statement on Friday. “Calculation of the compensation will be based on the salary and years of service. The maximum amount which will be paid to an employ with 30 years in service is two years’ salaries”.

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