Greek lender Piraeus Bank this week announced another voluntary retirement program throughout the banking group, with the goal being a workforce of around 8,000, down from slightly more than 10,000 today.
Previous such early retirement programs already manifested themselves in the 2020’s results, with payroll costs easing by 10 percent, while in the first quarter of 2021 the annual rate of reduction in payroll costs hovered at 9 percent.
A restructuring plan unveiled by the ATHEX-listed banking group foresees payroll expenditures to drop to 350 million euros by 2024, from 424 million euros in 2020.
The number of Piraeus Bank branches will also drop to 430 from 504 today by 2024. Operating costs for the group in 2020 were 981 million euros.
According to Piraeus Bank CEO Christos Megalou, similar to previous such programs, the upcoming one will be “implemented amid conditions of workplace peace”.
At first glance, employees over the age of 50 will be eligible for larger sums of compensation, with other factors being years of employment and each staff member’s job description. A bonus might also possibly be allocated to those declaring their intent to voluntarily leave before a deadline for acceptance expires.
A maximum payout of 200,000 euros is foreseen.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Easter Sales Performance and the Source of €4–5 Million in Losses
Easter retail sales were relatively weak this year, with the only "real winners" being the livestock farmers who had lambs to sell.
Hotel Foreclosures Continue to Plague Greece’s Islands
A surge in hotel foreclosures across Greece’s islands threatens small tourism businesses, despite booming visitor numbers and record-breaking travel in 2024.
Athens Launches Task Force to Safeguard Historic City Center
The new municipal unit will ensure compliance to zoning laws, curb noise, and address tourist rental issues starting from the Plaka district.
WTTC: Travel & Tourism to Create 4.5M New Jobs in EU by 2035
This year, international visitor spending is set to reach 573 billion euros, up by more than 11% year-on-year
IMF: US Tariffs Shake Global Economy, Outlook Downbeat
IMF slashes global growth forecast to 2.8% as U.S. tariffs create uncertainty and ‘negative supply shock
First Step Towards New Audiovisual Industry Hub in Drama
The project is set to contribute to the further development of Greece’s film industry and establish Drama as an audiovisual hub in the region
Airbnb Greece – Initial CoS Ruling Deems Tax Circular Unlawful
The case reached the Council of State following annulment applications filed by the Panhellenic Federation of Property Owners (POMIDA)
Mitsotakis Unveils €1 Billion Plan for Housing, Pensioners, Public investments
Greek Prime Minister Kyriakos Mitsotakis has announced a new set of economic support measures, worth 1 billion euros, aiming to provide financial relief to citizens.
Alter Ego Ventures Invests in Pioneering Gaming Company ‘Couch Heroes’
Alter Ego Ventures' participation in the share capital of Couch Heroes marks yet another investment by the Alter Ego Media Group in innovative companies with a focus on technology.
Corruption Still Plagues Greece’s Driving Tests
While traffic accidents continue to claim lives on Greek roads daily, irregularities and under-the-table dealings in the training and testing of new drivers remain disturbingly widespread
![Accor: Η βιωσιμότητα «κλειδί» για την ανάπτυξη και ανθεκτικότητα του ελληνικού τουρισμού [έρευνα]](https://www.ot.gr/wp-content/uploads/2025/04/thumbnail-90x90.jpg)
![Accor: Η βιωσιμότητα «κλειδί» για την ανάπτυξη και ανθεκτικότητα του ελληνικού τουρισμού [έρευνα]](https://www.ot.gr/wp-content/uploads/2025/04/thumbnail-600x400.jpg)
