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One in two employees leaves Co-op having secured maximum compensation

August 28, 2018 at 10:37am
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Ten to fifteen fewer Co-op employees are set to benefit from the proposed voluntary retirement plan, since a small number out of the 1040 who had applied changed their minds.

The cost of the plan will be around €128-129 million, close to the amount initially calculated. Newer evidence however, show that 40% of employees (410 persons) will receive €180,000 each, the maximum amount of compensation.

The rest of the compensations are as follows: 200 employees will receive between €140,000 and €180,000, 65 between €100,000 and €140,000, 60 between €80,000 and €100,000, 65 between €60,000 and €80,000, 120 between €40,000 and €60,000, 100 between €20,000 and €40,000 and only 18 will receive less than €20,000.

Most of the employees who have applied for the voluntary retirement plan are over 50-55 years old. 175 work in Nicosia, 123 in Limassol, 46 in Paphos, 148 in Larnaca, 43 in Ammochostos and 34 in the Troodos region. Among the applicants are 130 employees of Altamira, the company which will managethe Co-op’s ‘red loans’.

232 employees who were in the bank’s higher administration will leave. In particular, 101 worked in banking operations administration, 22 in the IT department, 23 in financial management, 68 in operating and administration, 2 in legal services, 4 in credit facilities, 3 in corporate secretariat and governance, 8 in strategy and restructuring, 10 in internal audit, 10 in regulatory compliance, and 8 in risk management.

View more: Around 1000 bank employees to opt for Co-op voluntary retirement scheme