Cyprus Mail

Forty-five co-op workers opt for early retirement

Forty-five employees have expressed interest so far in the new voluntary retirement scheme (VRS) in the nationalised co-operative bank, the Cyprus News Agency reported on Wednesday.

The VRS, announced in mid-August, has been extended until the end of September.

The number of employees under the Cooperative Central Bank (CCB) is currently 2,775 and according to the new restructuring plan, approved by the European Commission, it should drop to 2.720 by the end of the year.

The VRS is governed by state-aid rules, as the Cypriot government injected €1.67b into the CCB in 2014 and 2015 to cover its capital shortfalls. It used cash from the €10b bailout agreed with IMF and the EU in 2013.

The maximum amount of compensation has been set at €105,000, the same as in the previous VRS implemented in 2014 when 297 employees opted for early retirement.

Following a ruling by the Tax Commissioner the compensation will not be subject to taxation.

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