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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
80 - 130 jobs Number of planned job losses
Announcement Date
10 October 2022
Employment effect (start)
10 October 2022
Foreseen end date
21 October 2022
Description
Alpha Bank Cyprus has announced the implementation of a voluntary exit plan for 80 employees, as well as an initiative to have 50 employees seconded to the credit acquisition company Cerberus. The Plan provides a tax-free compensation of 200 thousand maximum and 50 thousand minimum (the amount of compensation will not exceed four annual salaries). The retirees will continue to have access to the trade union's health fund over the next two years, as well as remain covered under the bank's life insurance plan for a period of two years, from the date of retirement. The bank, which currently has 17 branches in Cyprus, has committed under the plan to continue to provide the retirees credit facilitation (to existing term loans in terms of pricing and repayment timing), and payroll checking accounts and credit card limits at the reduced rate. The conditions of the Plan are the result of negotiations with the trade union Cyprus Bank Employees Union.
Previous internal restructurings were recorded in the ERM database in 2016, with 174 job reductions as part of a previous voluntary exit scheme (Alpha Bank-2016-CY).
Eurofound (2022), Alpha Bank Cyprus , Internal restructuring in Cyprus, factsheet number 107566, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107566.
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