InsiderBusinessVoluntary retirement scheme to be presented to CCB employees

Voluntary retirement scheme to be presented to CCB employees


An EGM of the the Cyprus Co-operative Bank has approved a voluntary retirement scheme for 900 employees as part of its agreement to transfer part of the CCB’s operations to Hellenic Bank.

The scheme will be officially presented to employees on Wednesday who will have two weeks to decide whether to sign up or not.

It 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.

SEK, PEO and PASYDY have accepted the scheme while bank employees union ETYK said it was not attractive enough.

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