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.
Attica Bank has announced a new plan of voluntary redundancies, applications for which started on 19 March. All employees of the Bank who have been employed for at least three years have the right to apply and participate in the program. For the purpose of calculating the retirement compensation, the criteria are the age and the years of service of the employee in the Bank. Employees up to 45 years of age also have the option of participating in a long-term two-year leave with option at the end of the period either to return to the Bank or leave.
Update 27/04/2018: On 26th April 2018 the company indicated that its Voluntary Exit Plan had been successfully completed, with interest expressed by 177 employees (approximately 23% of the Bank’s personnel). According to the Bank, the retirement scheme will significantly contribute in reducing wage costs and will be accompanied by an overall reorganization of the bank's structures.
Eurofound (2018), Attica Bank, Internal restructuring in Greece, factsheet number 94170, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94170.