Voluntary retirement scheme in Co-ops expires as 80 employees opt for early retirement

The new voluntary retirement scheme (VRS) in the nationalised Cooperative Credit Sector expired on Thursday as 80 employees expressed interest in the scheme, exceeding the target set by the Central Cooperative Bank.

The VRS was announced in mid-August.

The number of employees in the Cooperative Central Bank is currently 2,775 and according to the new restructuring plan, approved by the European Commission DG Competition, the number of employees should drop to 2.

Source: Cyprus News Agency.