Bank offers staff a five year paid holiday
Ferry Online Travel News 04/06/2009
A Spanish bank is offering their staff up to five years paid leave in one go.
Banco Bilbao Vizcaya Argentaria (BBVA) has taken the unusual step of offering its staff a five year paid holiday. Probably not the first thing you would want to hear in the current economic climate but what BBVA have done is given an incentive to help cut costs at Spain’s second largest bank.
All of its 29,954 staff has been told that they can take up to five years leave and they will still receive around a third of their salary. They can take as little or as much time off and return to work whenever they like with a guaranteed job. “We’re looking for offering alternatives to people,” said Juan Ignacio Apoita, head of human resources for BBVA.
BBVA and other Spanish banks have been slowly cutting staff now for three years, most cuts coming through early retirement options. However Spanish labour laws favour long term employees and the cost of making staff redundant is expensive, so this is seen as a cheaper option.
In addition to a five year holiday BBVA has also offered a shorter working week for less pay and lesser two year holiday for those wishing to take care of children and elderly relatives. The company stressed that everything is voluntary and it does hold the right to refuse applications submitted.
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