Bank of Cyprus redundancy cap set at 150,000

The Bank of Cyprus board has decided to set a ceiling of 150,000 euros fro redundancy packages being offered to its 5,760 staff, with the aim of reducing the workforce by 1,200 to 1,500 people.
The offer is valid until the end of July and is applicable to all Group personnel, as well as staff at subsidiaries and the employees of former Popular Laiki Bank.
The basic package correspond to a monthly wage for every two years’ of service, plus a bonus of five salaries, as well as medical cover until the end of 2014. At least 50% of all loans must be settled.