ATHEX-listed Eurobank, one of four systemic banks in Greece, will commence an early retirement/departure plan on Monday, with the goal being a 10% reduction in its workforce, or roughly 400 employees.

Eurobank, Greece’s largest lender by market capitalization, referred to the prospect of hirings of younger professionals, in announcing the program. As with previous such initiatives, employees closer to a retirement age are the foremost candidates, i.e. those born before 1972. Successful applicants for the early retirement program will cease employment with the bank at the end of 2024.

The maximum foreseen severance package is 160,00 euros, allow actual payouts depend on number of years of employment with the bank and the applicant’s age.

Another option is a sabbatical program that’s linked with a portion of the severance pay and monthly compensation for the period of the absence, which can reach two, five or seven years.

Another feature of the plan is guaranteed medical and pharmaceutical coverage for five years, along with an added four months of pay for each child dependent up to the age of 22.