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 Activities Auxiliary To Financial Services And Insurance Activities Financial Fund Management 66.3 - Fund Management Activities
35 jobs Number of planned job losses
Announcement Date
23 October 2023
Employment effect (start)
31 October 2023
Foreseen end date
31 March 2024
Description
KEDIPES, a Cypriot asset management company whose primary shareholder is the state, announced a Voluntary Resignation Scheme, aiming to cut 35 jobs out of the 341 employees of the company. KEDIPES, a subsidiary of the Cooperative Asset Management Company (SEDIPES) located in Nicosia, stated that its main target are employees over the age of 50.
The current scheme provides for a tax-free one-time payment which can be as high as €180.000. As stated by the CEO of the company, unlike previous schemes this one will remain open for 5 months, notice so that the employees who opt-in can search for new employment.
This is the third time in the last two years that a similar scheme is enforced, and despite the fact that 58 employees left the company with the last two schemes (before those schemes the personnel numbered around 500 employees), there were still considered as failures, since KEDIPES claims that there is overstaffing as regards the company's current volume of work.
It should be noted that recently the Ministry of Finance has suggested a plan to proceed with redundancy dismissals in the company. This was opposed by the three trade unions organising the employees of KEDIPES, as well as by the two largest political parties; however, it still remains as a looming threat if this scheme fails its stated goals. Moreover, two out of three trades unions sent a joined ultimatum to KEDIPES, stating that despite the fact that by their calculations there is no overstaffing, they respect the right of the employer to proceed with such schemes. However, the two trade unions warned KEDIPES that it must refrain from directly or indirectly exercising any form of pressure on the employees to opt-in, and honor all its commitments in regards to the scheme.
Eurofound (2023), KEPIDES, Internal restructuring in Cyprus, factsheet number 200437, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200437.
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