The deadline set by Eurobank for its staff to decide whether to join the voluntary exit scheme, announced on March 9, expires tomorrow.

Based on the initial timeline, the scheme was due to end last Monday. However, management decided to extend its duration until March 27.

Extending deadlines for voluntary exit schemes is a common practice in the banking sector.

According to available information, the bank’s target for total departures has been covered by approximately 60% so far.

Eurobank had set a goal for around 300 employees to leave through the scheme.

During the course of the program, the bank decided, on its own initiative and not following union intervention, to expand the package of additional measures. These were extended not only for the first seven days but for the entire duration of the scheme, making it even more attractive.

This marks the first time a financial institution has offered an additional financial incentive to those who opted to participate within one week.

This incentive will ultimately be granted to all employees who exit under the scheme.

It includes an additional compensation percentage of 10%, on top of the maximum amount of €200K defined by the scheme’s structure.

Based on the number of employees who have accepted the scheme so far, some individuals are expected to receive lump-sum payments of up to €210K.

This is the first time tax-free compensation exceeding €200K has been granted to bank employees leaving through a voluntary exit scheme.

Furthermore, the enhanced incentive package includes:

Extension of medical coverage from two years to four years

Extension of life insurance coverage from two years to four years

Retention of existing staff terms on any loans arising from collective agreements

The lump-sum payment granted to employees who join the scheme will be tax-free, except for any amount exceeding €200K.

A source from the bank noted that the additional incentives offered in the current voluntary exit scheme will not be included in any future scheme, should one be introduced.

This was described as part of the Group’s broader policy. No comment was made on whether a new voluntary exit plan may be introduced in the future.

It was also emphasized that Eurobank is gradually changing its hiring model.

The bank is now focusing on recruiting individuals with strong expertise in modern technology, AI, digital transformation, and risk management.

It is noted that the voluntary early retirement scheme is addressed to all Group employees who have at least five years of continuous employment and are aged 35 and above.

The scheme includes employees from the original Eurobank, the former Hellenic Bank, CNP, former Cooperative Bank employees, and staff from Pancyprian Insurance.

Source: Brief