Cyprus Mail

BoC’s new voluntary retirement scheme exceeds expectations

A new voluntary retirement scheme introduced by the Bank of Cyprus, has exceeded expectations with more than 200 employees opting in two days before the deadline expires.

Reliable sources told CNA that so far more than 200 had expressed an interest, exceeding the initial target of 193 for the third and more generous scheme presented to the staff on May 20.

Taking into account the 75 employees who opted for voluntary retirement under the previous scheme, the total number of the bank`s employees opting for retirement is close to 300.

The Bank of Cyprus, Cyprus` largest lender, wants to reduce its staff by 250-300 ahead of its listing on the London Stock Exchange. On Tuesday the bank announced net profits of €50 million for the first quarter ended on March 31.

The new scheme provides for one-off and tax-free pay out of up to €200,000 based on annual remuneration, age and years of service, with healthcare cover for two years after retirement. The bank reserves the right to reject applications.

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