Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Piraeus Bank has announced a new plan for voluntary redundancies for its employees. Applications started from 30 June 2021 and finished on July 19. The plan targets the exit of 500 employees at a minimum. Employees having at least 3 years of continuous service (until June 17, 2021) have the right to apply.
The new programme provides two choices: The immediate departure of employees or the departure after receiving two-years paid leave. The amount of the lump sum compensation is calculated according to various criteria such as: age and length of service, unit of work, job position, number of children. In the main package, severance compensation of a minimum of 20,000 euro and a maximum of 180,000 euro are envisaged. The bank retains the right to accept or not the application for the voluntary withdrawal.
Eurofound (2021), Piraeus Bank, Internal restructuring in Greece, factsheet number 105177, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105177.