InsiderBusinessCCB early exit scheme extended, target met

CCB early exit scheme extended, target met


The voluntary exit scheme offered by the Cyprus-Co-operative Bank is being extended until Tuesday, though trade union officials said the target of 900 employees has already been met.

The deadline to sign up to the scheme was today, but PASYDY secretary Andreas Louka said a number of employees had requested an extension because of the summer holidays and this had been granted.

Louka told the Cyprus News Agency that 910 CCB employees have so far signed up.

He said that even though the target has been met, applications can be submitted until Tuesday.

The scheme  provides for compensation of up to €180,000 based on a formula that takes into consideration the years of service and gross wages at a total cost of about €128m.

The scheme is open to all CCB employees including those who have been transferred to  Altamira Asset Management (Cyprus), irrespective of their age and years of service.

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