Bank pays staff to take 5 yrs off

Updated on: 04 June,2009 10:54 AM IST |
Agencies |

30% pay and health care costs if they sign up and guaranteed job when they return

30% pay and health care costs if they sign up and guaranteed job when they return

Employees of BBVA, Spain's second biggest bank, are being offered 30 per cent of their usual salary in return for staying away from work for between three and five years.

Anyone signing up to the scheme is guaranteed a job when their leave comes to an end. They will also have their health care costs covered for the length of their sabbatical.

The offer is targeted at long-term employees of the company who have "personal or professional projects" they wish to undertake during their time off.

Options available
Juan Ignacio Apoita, BBVA's head of human resources, said, "We're looking at offering alternatives to people."
Other options open to the bank's 30,000 Spanish employees include a shorter working week on reduced pay, or time off arrangements to allow staff to look after relatives or go back in to education.

Although Spanish banks have escaped the worst of recession because of tight regulation, they have found it difficult to impose redundancies because staff are entitled to large payoffs under domestic labour laws.

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