Bank of Cyprus is preparing a procedure for staff reduction

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According to the guidance dated July 31, the Bank of Cyprus intends to reduce personnel costs, with changes in salaries and early retirement, as well as with part-time options. 

The bank’s management is able to consider the option of part-time work for employees and unpaid leave. 

For part-time jobs, earnings will be calculated as the ratio of the agreed number of hours worked per week to normal full-time working hours.

The island’s largest lender, Bank of Cyprus, posted a net loss of € 70 million in 2019 due to an increase in reserves following a deferred sale of non-performing loans and the cost of a voluntary retirement program.