Non-systemic Attica Bank in Greece on Tuesday announced a new three-year labor contract with its employees, which among others, foresees a cut in payroll costs by 17 percent and a “drastic simplification” of the current wage scale.
The new labor contract will have a retroactive effect as of Jan. 1, 2017, extending to Dec. 31, 2019.
An announcement by Attica’s management said a pending approval by the European Commission competition directorate (DG Comp) of a restructuring plan, along with an early retirement plan and the projected participation of a foreign investor in the bank’s capitalization will mark the first significant steps in ensuring the bank’s growth.
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