Non-systemic Attica Bank, which is controlled by the Engineers and Public Contractors Pension Fund through a majority stake by the latter, will unveil an early retirement incentive program for employees this month, with a deadline for participation until Oct. 31.
The goal is for at least 70 employees, over the age of 50, to sign up for the plan.
As expected, the recently recapitalized bank wants to cut payroll costs and proceed with a streamlining of its organizational chart.
The minimum pay-out for eligible beneficiaries is 15,000 euros; 200,000 euros is the maximum. The lump sum payments for early retirement depend on the number of years of employment at the bank as well as the age of the potential beneficiary.
Attica Bank has recently come under scrutiny and criticism for its lending practices over the past five years.
