Credit Suisse and the banking staff associations have agreed a new contract regulating the conditions for released employees and the age of early retirement.
The adjusted social plan of Credit Suisse (CS) will become effective in November, according to information made available to finews.ch. Part of the changes are measures to support employees released from their duties and the increase of the minimum age at which early retirement becomes an option.
As of November, the minimum age for early retirement will be 58 years, while so far the limit was 55. In February, CS had increased its retirement age to 65 from 63 years.
Negotiated Contract
The adjustments in the social plan of CS is also a direct consequence of the lifting of the retirement age. The new contract was negotiated between CS, the association of Swiss bank employees, the commercial employee association and the bank's staff committee.
A further element of the new contract are changes to the support of personnel released by the bank. Employees, which will lose their jobs will be required to actively pursue a reorientation in order to remain eligible of the redundancy plan.
Support for Staff Made Redundant
Older employees receive more support in case of unemployment than their younger colleagues. From the age of 50 and 55 years respectively, employees get additional time off to look for alternative employment and remain eligible longer for the support of the bank's human resource department.
