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.
The Voluntary Redundancy Scheme is part of the newly signed collective agreement (signed 24/9/2021, duration 2019-2022) between the companies Cyprus Asset Management Company Ltd (KEDIPES) and Altamira Asset Management (Cyprus) Ltd, and the trade unions Cyprus Trade Union of Employees in Services of the Pancyprian Federation of Labour (PASEY/PEO) and Federation of Private Sector Workers of the Cyprus Workers' Confederation (OYIK/SEK).
The Scheme provides a tax-free severance compensation of ~ 35,000 - ~180,000, depending on years of service and earnings. In addition, the employees who will make use of the scheme will continue to receive Life Insurance benefits equivalent to 60 monthly gross salaries, as well as participation in the Health Fund and participation in the Welfare Fund, for an additional period of 24 months after leaving KEDIPES or until another job is found. All the permanent employees of KEDIPES are eligible for the scheme but also all the staff who were transferred to Altamira on the basis of a transfer agreement in 2018. Specifically, the employees that were transfered to Altamira are provided with three options; a) return to KEDIPES and placement according to existing needs, b) return to KEDIPES and utilize the scheme, and c) stay at ALTAMIRA with a tax-free compensation between ~ 35,000 - ~ 65,000 depending on the years of service and salaries in the former Cooperative Central Bank of Cyprus, for waiving the right to return to KEDIPES. It is noted that the rights granted to the staff who were transferred to Altamira under their terms of transfer in 2018, including their right to return to KEDIPES, are permanently terminated with the expiration of the scheme.
Eurofound (2021), Cyprus Asset Management Company (KEDIPES), Internal restructuring in Cyprus, factsheet number 105300, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/105300.
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