“Do nothing for a year!”: CS bankers mock fat social plan

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The key points of the social plan for Credit Suisse bankers who will lose their jobs after the merger with UBS have been known since June. More details are now becoming clear. For workers under the age of 50, the duration of the fully paid benefit plan varies from eight to twelve months, depending on the number of years of service, the NZZ said.

All former CS employees aged 54 or over or with ten years of service, including those on full salary, will be given twelve months to reorient themselves. People over the age of 58 who lose their jobs also receive severance pay.

“I’ve answered a lot of things in the last 20 years.”

This apparently puts CS workers in a relaxed mood, NZZ writes. Although it is not yet clear how many of them and who will receive the blue letter. He investigated the financial center in Zurich. “I’ve worked so hard in the last twenty years that I won’t be unhappy if I don’t have to do anything for a year,” says a 50-year-old CS banker. He hasn’t had much to do for months. His job will be terminated.

And yet: he doesn’t look like he’s in trouble. He turned down the job offer from the competition. “The salaries would be a little lower. I didn’t want that,” he says. And: “Maybe another door will open at UBS.” What a long notice period can do.

“I found joy in healthy living”

A 50-year-old stock trader, formerly of Credit Suisse, made a similar statement to NZZ. “I do it easier now. I found happiness in healthy living,” he says. He also reacquainted himself with many old friends. He seems to have few concerns about his professional future. “Something will be found.” Many CS employees feel the same way, according to the report.

Presenting the social plan, the head of human resources at UBS emphasized: “Our belief with social plans is that we want to give employees time to find a new job.” In the immediate aftermath of Credit Suisse’s failure, job placement and career counselors advised employees to reorient as soon as possible. (pbe)

Source :Blick