Bank of Cyprus announces new voluntary exit scheme

Bank of Cyprus has officially announced a new voluntary exit scheme aimed at reducing its workforce by approximately 50 employees. The management disclosed the initiative during a press conference regarding the company's nine-month financial results. The proposed terms reportedly include a maximum tax-free compensation of €200,000, with an additional 10% bonus available for specific categories of staff.

The Cyprus Union of Bank Employees (ETYK) has expressed strong opposition to the plan, citing concerns over its timing and fairness. The union argues that the implementation of a new scheme, coming only six months after the previous one, creates an environment of insecurity and instability among the workforce. Furthermore, ETYK has criticized the current proposal for alleged age discrimination and insufficient compensation packages, officially informing the bank of its formal disagreement.