retirement Archives - Financial Mirror

Early retirement proposal a ‘white elephant’

Trade unions claim Labour Minister Yiannis Panayiotou’s proposal to waive a 12% penalty on early pensions if the retiree has contributed at least 40 years of work and contributions at 63 is

7th November 2023

Cyprus/Economy

Retirement homes for the future

For many years in America and now in Europe, the construction of retirement housing complexes has become more bespoke. The relatively recent developments in Spain also show the trends of this new

25th February 2023

Comment/Life & Society

Will UK Budget spark pension exodus?

UK pensioners will increasingly be seeking to move retirement funds overseas as fears grow about the Budget in March and government plans to trap into retirement savings, warned an investment adviser at

10th January 2023

Life & Society/Markets/World

MOODYS: Hellenic’s early retirement plan good for business

Hellenic Bank’s voluntary early retirement plan to streamline operations will decrease capital and weigh on its profitability this year but reduce its workforce by 17% and lower operating costs, a credit-positive move,

5th December 2022

Business

450 Hellenic Bank staff choose exit plan

Some 450 Hellenic Bank employees have selected the exit button opting for early retirement with €200,000 compensation each. The bank launched its voluntary exit scheme to reduce its staff by around 500

28th November 2022

Business

Early retirement scheme eats up BoC profits

Bank of Cyprus reported Friday that their profits for the first nine months had been gobbled up by an early retirement scheme, offering up to €200,000 to employees who chose to exit.

18th November 2022

Business

Pledge to tackle 12% early retirement penalty

The government hopes to strike a happy balance between labour union demands to scrap the 12% penalty clause imposed on people who retire early at 63 and the state’s budget. In comments

14th September 2022

Cyprus/Economy

MPs to tackle 12% early retirement penalty

Cyprus MPs will be looking into Opposition demands to scrap the 12% penalty clause imposed on people who retire two years early aged 63, once the summer recess ends on 30 August.

17th August 2022

Cyprus

Over 200 staff agree BoC early retirement

Some 200 Bank of Cyprus employees have pushed the ‘exit’ button taking the ‘generous’ offer for early retirement with compensation, as the bank seeks to offload 500 staff before resorting to redundancies.

11th July 2022

Business

BoC advances with early retirement of 600 staff

The Bank of Cyprus has announced plans to downsize its staff, officially offering a Voluntary Retirement Plan to 500 – 600 employees from its 3,400 workforce to maintain profitability. The news comes

5th July 2022

Business