New program voluntary exit announced the Alpha Bank. The program provides compensation up to 180,000 euros for immediate departure or up to 260,000 euros for sabbatical.

In detail, the program provides for:

  • Compensation up to €180,000 for immediate departure with three years of additional hospital coverage or alternatively up to €260,000 for a sabbatical of up to 6 years
  • Full coverage of workers over 56 until retirement
  • New training programs for employees with the aim of utilizing them in alternative career paths that support the development of modern digital products and services for its customers

The program is aimed at employees who meet specific criteria, mainly in low-skilled positions in the Central Services and in supporting service positions
customers in the Store Network, while the expression of interest period begins on Monday, September 30 and ends on Friday, October 11, 2024.

Withdrawal options and conditions

The terms of the program are more favorable than previous corresponding programs, as it offers:

  • immediate resignation with compensation up to €180,000 or 3-year/6-year long-term paid leave (sabbatical), during which the employee has no obligation to provide work to the Bank, with a maximum amount of €260,000

  • increase in compensation for employees aged between 45 and 57, taking into account their job position and overall length of service, while an additional increase is provided specifically for the Branches outside Attica and Thessaloniki.

  • 5% increase for employees who will participate in the program during the first week of its implementation

  • possibility of advance payment of up to 70% of the final incentive to cover needs for those who choose a long-term paid leave (sabbatical)

Up to 100 wages, cover for workers over 56 until retirement and other benefits

The program is designed to provide maximum benefit, as nearly 6 out of 10 participating workers will receive more than 70 wages, while
in some cases the compensation is equal to the net earnings received by the employee for a period of 100 months, the bank’s announcement states.

For employees over 56, the incentive corresponds to wages that cover the period until their retirement.

In addition, employees who will participate voluntarily retain all the favorable arrangements and conditions in loans and cards, until the date of their repayment, under
the condition that they are served normally, as well as additional hospital cover for three years after leaving or throughout the sabbatical, as chosen.

The acceptance of the participation declaration is at the discretion of the bank.

New service model and continuous staff training

The Bank’s aim is to support the wider transformation of its operating model, aimed at increasing sales roles and providing better quality
service to its customers, by offering modern products and solutions from specialized consultants.

In this context, it has developed a multitude of modern education and training programs for staff who wish to acquire new skills and at the same time will strengthen its Stores with approximately 300 new employees over the course of two years.