On Wednesday, the First Cisl banking union said that Italy’s UniCredit (CRDI.MI) and Italian unions had agreed to provide 510 workers with a voluntary early retirement plan. The 255 recruits will somewhat offset the 510 employee losses.
Under Chief Executive Andrea Orcel’s approach, UniCredit inked an agreement with unions last year and recorded 239 million euros ($262 million) in expenses to cover voluntary departures and replace them with younger workers.
According to a source earlier this year, Italy’s second-biggest bank intended to eliminate about 800 jobs, which then increased to 925. Still, it could not accommodate an additional 1,000 demands from employees who wished to go.
In Italy, bank employees can retire early and earn up to 80–90% of their salary until they qualify for a state pension.
A UniCredit spokesperson confirmed the arrangement. Employees of UniCredit who would attain pension age before 2030 are eligible for the early retirement program.
According to the terms of the agreement, UniCredit has committed to hiring an additional 169 people as part of the organic turnover of workers with apprenticeship contracts and is willing to consider up to 200 more requests from staff members looking to leave the bank. As of September 30, 33,212 people worked at UniCredit in Italy.
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