The Co-op Bank is to announce an early retirement scheme next week aimed at reducing staff by 100 employees it emerged on Friday.
Speaking to state broadcaster CyBC the bank’s head of strategy and communication service, Yiannos Stavrinides, said that the scheme would be announced on August 16 and will last until the end of September.
The aim is the voluntary exit of 100 employees from all ranks, from the bank’s staff which is around 2, 750 people. The scheme is the same as that implemented in 2014, when around 250 people left.
The total cost of the scheme will depend on the ranks and the length of employment service of those who will express interest. Maximum compensation given will be €105,000.
News of the scheme was not welcomed by the PASYDY, PEO, and SEK unions as they said it was not the outcome of any agreement reached with them. The unions said that according to information, the bank’s branches were asked to make lists with the names of employees who would be pressured to leave.
Stavrinides said that there would be a dialogue with the unions.