Greece: pay cuts in banking

designed by the fourth largest bank in the country to cut labor costs by up to 5 million euros a year. At sectoral level, all credit establishments in Greece are affected by this cost-cutting effort since the Troika asked them to save 500 million per annum. Since then, there have been many announcements as regards employees’ pay. (Ref. 110784)

In a letter to the Piraeus Bank staff, Director General Stravros Lekkakos presented his proposal. The proportional pay cuts will be as follows:

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