National Bank of Greece is giving its employees more time to opt for its voluntary redundancy program, saying that the next one will be less generous. Workers at the bank, Greece's second-largest, say that they are being blackmailed into accepting the offer.
In a letter sent to employees and seen by Business Daily, chief executive Paul Mylonas informed staff that the program will be pushed back to February 10, from the end of December. This will allow for a higher participation rate in the program as many employees had questions about it and how they would be affected by upcoming changes to the social security system.
"We intend to discuss with the Hellenic Financial Stability Fund the application of a final voluntary redundancy plan that will be announced and completed in the summer of 2020. If approved, I would like to be clear, the terms of the new program will be considerably less favorable than the current one," said Mylonas in the message.
"In 2019, we committed to creating a National Bank for the future, a healthy and competitive bank. In the first year of our restructuring, we achieved many things and made significant progress in crucial projects, modernizing the bank," he added.
The chief executive went on to point out in the message that there will also be changes to the bank's organizational structure.
"We are undertaking further initiatives to strengthen the performance of our organization, which include reviewing and simplifying the organizational chart at head office and confirm the customer-focused model adopted at branches, which will bring about operational changes to the structure of the branches and other departments," he added.
Yiannis Papadogiannis
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