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Co-op staff seek up to €200,000 each in retirement pay

Bank workers who opt for voluntary retirement from the Co-operative bank want anywhere between €100,000 to €200,000 according to a circular which emerged on Wednesday.

The documented had been distributed by the bank workers’ union Etyk, a day earlier, to their members over Co-op’s sale to Hellenic Bank.

Etyk discussed the matter with Co-op bosses and, according to the circular, outlined the voluntary scheme had to be attractive to all members, stipulating the union would not accept any forced layoffs.

About 1,100 of Co-op’s 2,650 staff will go to Hellenic while another 900 will have to retire through a voluntary retirement scheme.

During the meeting, Co-op’s managers were advised by Etyk that the voluntary scheme must offer at least €100,000 as compensation to staff and a maximum of €200,000 so that low-wage earners at the Co-op can benefit too and everyone can have five annual salaries.

Etyk also said all of Altamira’s local staff – the Spanish non-performing loan specialist which has been cooperating with the Co-op since last year – should be able to work at the bank if they wish to and be allowed to transfer to the Hellenic Bank.

The circular outlined that Co-op’s management was going to study Etyk’s views and come back with an answer within the next few days.

Etyk sought to ensure their members they would do everything in their power to protect their interests.


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