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The KEDIPES Plan – Consultation with the staff did not “succeed”

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It did not approach the goals set by the KEDIPES management for the voluntary exit plan and is considering other scenarios to reduce its existing staff . Finally, the number of KEDIPES employees who chose the Voluntary Retirement Plan (VET) rose from 58 to 130 set by the Cyprus Asset Management Company.


Aim to keep 260 people in KEDIPES Minimum in the exit plan of KEDIPES

Below is the announcement of KEDIPES:

The Voluntary Withdrawal Plan (VET) and the Plan which included the three options presented to the staff of the former SKT transferred to Altamira Asset Management (AAM), which entered into force on 30 September 2021, were completed today.

The SEA was selected by 58 people, of which 38 by the staff of KEDIPES, while the remaining 20 come from the affected staff of AAM.

Regarding the Plan with the three options offered to the AAM staff, out of the 149 affected staff members, 119 chose to remain in the AAM while renouncing their right to return to KEDIPES, while 10 people decided to return to KEDIPES.

After the completion of the SEA and the actions concerning the staff of AAM, the staff of KEDIPES amounts to 362 people.

The Board of Directors of KEDIPES welcomes the success of the Plan concerning the staff of the former SKT transferred to AAM, the result of which is in line with the Business Plan of KEDIPES, definitively terminating the possibility of exercising the right of return of AAM staff to KEDIPES.

Unfortunately, the goal of SEA to reduce the staff of KEDIPES by 100 – 130 people was not achieved. The needs of the Company's staff based on its Business Plan amount to approximately 260 people.

With this as a given, there is an urgent need for further reduction of staff and therefore the Company is obliged to proceed with the evaluation of all legal actions provided by law, including the examination of possible redundancies.

For this purpose, the Board of Directors of KEDIPES in its extraordinary session today decided and authorized the Management of KEDIPES to proceed immediately to relevant consultations with the staff unions.

Source: www.philenews.com

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