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
186 - 219 jobs Number of planned job losses
Announcement Date
10 December 2012
Employment effect (start)
11 December 2012
Foreseen end date
11 January 2013
Description
The Bank of Cyprus, one of the largest lenders, introduced a voluntary exit plan for about 200 employees in Greece.
According to reports, the BoC announced the departure of 6% to 7% of its staff in Greece, that mostly concerns those who are approaching retirement, in the context of the actions necessary under the Restructuring Plan and the reorganization of its operations. The package provides, for employees with seniority up to 5 years, 11 to 15 wages + 2 more for each minor child, for employees with seniority between 5 to 10 years, 17 to 21 wages +2 more wages for each minor child, and finally for those working over 10 years the incentive offered is 23 to 27 wages + 2 more for each minor child. In addition, a payment from the insurance companies (Cyprus Life or MetLife Alico) of the total amount of pension plan is foreseen.
BoC was one of two Cypriot banks that sought state aid this year after its regulatory capital was eroded from heavy exposure to Greek debt.
Sources
11 December 2012: Ta nea
10 December 2012: To Vima
Citation
Eurofound (2012), Bank of Cyprus, Internal restructuring in Greece, factsheet number 74743, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74743.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
