HB staff to get tax-free re­dun­dancy pack­age

Financial Mirror (Cyprus) - - FRONT PAGE -

Hel­lenic Bank staff will be of­fered a tax free re­dun­dancy pack­age as part of the vol­un­tary re­tire­ment plan an­nounced last Fri­day. El­i­gi­ble for the pack­age are all staff with at least one year’s of ser­vice.

The pay­out will not ex­ceed 80% of gross salaries which would be paid to any staff mem­ber from the date of the gra­tu­itous amount un­til the date of their nor­mal re­tire­ment. Employees who will ac­cept the vol­un­tary re­tire­ment plan and have com­pleted 30 years of ser­vice will be en­ti­tled to two years of an­nual re­mu­ner­a­tion.

The bank, ac­cord­ing to a cir­cu­lar, will con­tinue pro­vid­ing health care cov­er­age through the pay­ment of em­ployer con­tri­bu­tions to the union’s health fund (TYETYK) un­til De­cem­ber 31, 2016 for mem­bers of staff who will re­tire un­der the plan. The sub­mis­sion of ap­pli­ca­tions ends on De­cem­ber 18.

This is the sec­ond vol­un­tary re­tire­ment plan im­ple­mented at Hel­lenic af­ter the bank­ing cri­sis and the events which fol­lowed Eurogroup de­ci­sions of March 2013.

In July 2013, the bank an­nounced a vol­un­tary re­tire­ment plan which led to 165 staff leav­ing, cost­ing EUR 9.6 mln in com­pen­sa­tion.

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