Cyprus Mail

Co-op VRS exceeds target

Around 1000 bank employees have opted to take the voluntary retirement scheme offered by the Cyprus Cooperative Bank, according to trade union estimates, as the deadline ends today at 3pm.

The scheme, unveiled earlier in August, aimed at reducing staff by 900 as parts of co-op were being absorbed by Hellenic Bank.

It provides for tax-free compensation of up to €180,000 depending on years of service. The total cost is expected to reach €128m.

PEO union rep Savvas Touloupos told the Cyprus News agency that the target of 900 peoplehad already been exceeded last week. The number of those opting to leave the bank is now estimated at around 1000, he added.

He said moreover that trade unions PEO, SEK and Pasydy now focus on the smooth continuation of the process, concerning employees that will continue working either for the lender or Hellenic.

Touloupos said the bank has the final word as regards the number of employees to benefit from the voluntary retirement scheme.



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