Unions to discuss CCB severance offer

The Cyprus Cooperative Bank is making another effort to strike a deal with unions in order to get 900 employees agree to go on voluntary termination of employment.

The leadership at CCB, which is only a few steps away from being absorbed by Hellenic Bank, has been trying to find a mutually acceptable plan to which union employees would agree to sign up for severance packages.

Following some number fluctuations and union resistance during previous talks, it became clear that 900 out of a total of 2700 employees would be targeted for early job termination voluntary retirement.

The majority of the remaining employees, just over a thousand, will be transferred onto Hellenic payrolls while several hundred are expected to join a bad loans section agency which is to be created after the take over.

But unions have been warning that their members would not sign up to any measures “under pressure” while signaling they were ready to discuss maximum and minimum amounts for compensation for those who would choose to take the money and walk away.

According to StockWatch, maximum amounts were proposed to be set at €180,000 (up from 170K) while no minimums were given.

A new formula was expected to be included in estimating compensation in each case.

Unions will meet Thursday to discuss the new plan.