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Trade Unions PEO, SEK and PASYDY endorsed on Thursday a voluntary retirement scheme (VRS) for 900 employees of the state-owned Cyprus Cooperative Bank (CCB) in the context of a deal for the transfer of the CCB’s performing operations to Hellenic Bank.

 
The three trade unions held a joint conference today, analysing a revised VRS submitted yesterday by the CCB board. The VRS provide for tax-free compensation up to €180.000
 
The plan, approved by the Council Of Ministers yesterday, and will be submitted to Extraordinary Annual General Meeting next Tuesday and after its approval will be announced to the employees who will have until August 17 to opt for voluntary retirement.
 
“The assembly unanimously decided to endorse and approve the VRS so that it will be conveyed to the personnel,” PASEY PEO General Secretary Savvas Touloupos said in statements following the conference.
 
On his part, OYIK SEK’s General Secretary, Elisseos Michael, said the CCB’s revised proposal compares favourably to the VRSs implemented by other Cypriot banks while it has more just distribution of the compensation across the employees’ salary scale.
 
Andreas Louca, PASYDY senior permanent secretary said the unions examined the last VRS launched by Cypriot banks, noting that the VRS offered by the CCB is way better than the other plans.
The plan provides that the employees opting for voluntary retirement will 26% of their gross annual income multiplied by their years of employment.

Source: Stockwatch