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.
According to press reports, Piraeus Bank has announced a new plan for voluntary redundancies for its employees. Applications start from 30 October 2020 and finish on November 18. The plan targets the exit of 1,000 employees out of a total number of 11,000 persons employed in the bank’s domestic operations or 9% of the personnel.
The new programme provides for a one-off severance amount equivalent to at least 20 monthly wages (for those under 39 years old) of the gross salary of the employees, determined by criteria such as age, years of service, job location and role. It also allows those availing of voluntary departure to retain their health plan entitlements for another five years.
Eurofound (2020), Piraeus Bank, Internal restructuring in Greece, factsheet number 102229, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102229.