A voluntary exit program has started at Eurobank

By Leonidas Stergiou

Two years after the big voluntary retirement program in October 2020, when almost 10% of employees had left, Eurobank decided to proceed with a light voluntary retirement plan for all employees in Greece.

The new voluntary exit program started yesterday, does not set a target for the number of departures and ends on February 28. It provides up to 42 salaries and a maximum amount of 140,000 euros.

Also, there is no age restriction while special emphasis is given to the areas where there is a reduction of bank branches. According to the terms of the program, all employees and lawyers of the Eurobank Group who:

– Employed in Eurobank, Eurobank Holdings, Eurobank Leasing, Eurobank Equities, Eurobank Factors, Eurobank Asset Management and Be – Besiness Exchanges.

– They are born before 02.01.1969 and complete 5 years of recognized service in the Group on 01.01.2022, regardless of company, unit, prefecture and jobs with the exception of employees employed in the General Directorate of Informatics of the Group.

– They are born from 02.01.1969 to 01.01.1982, complete 5 years of recognized service in the Group on 01.01.2022 and are employed on 01.02.2022 in the following units: General Directorate of Central Operations and Group Operations of the Bank or Holding, General Directorate of Branch Network with the exception of certain locations and areas.

– They are born after 02.01.1969, regardless of the completion of 5 years of recognized service in the Group on 01.01.2022 in the General Directorate of Branch Network and in the General Directorate of Central Works and Operations of the Group in the prefectures: Argolida, Arkadia, Achaia, Imathia , Corinth, Larissa, Magnesia, Messinia, Pella, Trikala, Fthiotida, Chios.

Excluded from the program are the employees / lawyers of the bank who belong to the hierarchical level of the General Manager on 01.02.2022, the Managing Directors of subsidiaries on 01.02.2022, the employees of the group with employment contracts and the employees / lawyers who have already signed mutual withdrawal agreement.

It is noted that the financial incentives of the voluntary exit program are smaller compared to the previous one, confirming the estimates of the banks that over time the incentives for voluntary departure of employees will become less generous. Moreover, especially for Eurobank, the bank is already close to the limit of 6,000 employees and the 300 branches that have been set as an “informal rule” by banks.Alpha Bank has already reached the target of the number of employees.