ECONOMY

TT voluntary exit program on right track

Early reports show that as many as 600 Hellenic Postbank employees have applied to take part in the lender’s voluntary exit program, with the total likely to reach 650.

The program’s success is crucial as costs need to be cut before Hellenic Postbank (TT) can be put up for sale. The Hellenic Financial Stability Fund (HFSF), which controls the bank, has approved an amount of 40 million euros to cover the cost of reducing staff numbers, a program that could include up to 900 employees.

Most employees to have applied are either within two to three years of retirement or have already completed 25 years of service, thus qualifying for a pension.