The Bank of Cyprus is introducing a new, limited voluntary exit plan, according to an internal circular from the Group’s Executive Management sent to employees via their professional email accounts.

According to information obtained by Brief, the new scheme will closely follow the structure of previous voluntary early retirement plans, offering a maximum ex gratia payment of €200,000.

The scheme will remain open for approximately ten working days. As in previous cases, Executive Management will have the final say on whether to approve or reject any employee’s application to leave. Each application will also be assessed based on the Bank’s operational needs and the smooth functioning of its services.

The Bank stated that it does not intend to obstruct employees who wish to participate in the scheme. The plan’s main objective is to reduce the organisation’s labour costs and, in many cases, rejuvenate its workforce by attracting new talent—particularly from the technology sector.

When contacted by Brief, a Bank of Cyprus representative confirmed the information but declined to comment further.

In a note to its staff, the Bank explained that the decision to introduce a new voluntary exit scheme stems from its ongoing digital and business transformation. The institution has been steadily automating operational processes, upgrading its digital services, and significantly reducing non-performing loans.

The scheme is open to all permanent employees of the Group, with priority given to departments most affected by current and future strategic changes. To be eligible, staff members must have at least five years of service within the organisation.