EMCC European Monitoring Centre on Change

Piraeus Bank

Piraeus Bank

Geographic Location

Country: Greece


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 11000
Group: Piraeus Bank Group

Employment Effects

Announcement Date: 29-10-2020
Planned Job Reductions min: 1000
Planned Job Reductions max: 1000
Type of Restructuring: Internal restructuring
Employment Effect Start: 30-10-2020
Foreseen End Date: 18-11-2020
Direct Dismissals: 1000

Additional Information

According to press reports, Piraeus Bank has announced a new plan for voluntary redundancies for its employees. Applications start from 30 October 2020 and finish on November 18.  The plan targets the exit of 1,000 employees out of a total number of 11,000 persons employed  in the bank’s domestic operations or  9% of the personnel. 

The new programme provides for a one-off severance amount equivalent to at least 20 monthly wages (for those under 39 years old)  of the gross salary of the employees, determined by criteria such as age, years of service, job location and role. It also allows those availing of voluntary departure to retain their health plan entitlements for another five years.