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Bank Offers Staff 5 Years Off For 30% Pay

Posted by samzenpus on from the good-work-if-you-can-not-show-up-for-it dept.

BBVA, Spain's second-largest bank, has offered most of its 30,000 staff the option of taking the next 5 years off at 30% pay, with their health care costs covered, and the guarantee of their jobs back when they return. The bank says this is an opportunity for employees to spend more time with their families and get involved with other "professional projects." I call it the layoff plan of the gods.

11 comments

  1. Not so good for Spain's wages by hibiki_r · · Score: 1

    In my Job in the US, I'd take that in a heartbeat. However, Salaries in Spain don't really compare. Every time I visit, I test the market to see if it'd be worth coming back, but the salary I'd get for a similar position is about 1/4th of what I make. And that's comparing Spain and Missouri, not Bay Area salaries.

    Spain has an entire underclass of young university graduates, called the 'mileuristas', because they make about a thousand euros a month. Many bank employees don't make much more than that, and Spain's living expenses are higher than those in middle America, except for the free universal health care. As a rule of thumb, what you can buy for a dollar costs a euro in Spain.

    Would you drop your job for 5 years if all you were getting back was $300-$400 a month? I sure wouldn't. Most American severance packages for a programmer have similar values, once you take into account that in the US you get the money upfront.

    1. Re:Not so good for Spain's wages by Shooter28 · · Score: 1

      But if you area already living on 1000 a month, you could probably do well enough with 350 a month and another job, even if it's part time. I'd take it, since it seems like the company is trying to prevent mass layoffs. If enough people refuse the offer you might end up jobless anyway.

    2. Re:Not so good for Spain's wages by Amouth · · Score: 1

      IF it didn't have a clause preventing you from working else where - i would do it.. 5 years of money and health care to go work some place else..

      --
      '...if only "Jumping to a Conclusion" was an event in the Olympics.'
    3. Re:Not so good for Spain's wages by Shooter28 · · Score: 1

      The bank says this is an opportunity for employees to spend more time with their families and get involved with other "professional projects."

      To me that sounds like they can work some place else.

    4. Re:Not so good for Spain's wages by noundi · · Score: 1

      While still getting paid 70% + health care for the next 5 years. Sure it's a layoff plan, but it's one rare motherfucker in terms of money, especially during these days. Spain has the highest unemployment rate in Europe right now and the word on every mouth in Spain is the "crisis". Everybody fears of getting laid off, but no avrage motherfucker in the entire country expected to get 70% paid vacation for the following 5 years. That is, my friend, a good fucking deal.

      --
      I am the lawn!
    5. Re:Not so good for Spain's wages by noundi · · Score: 1

      I read 30% pay cut. Not 30% pay. My bad.

      --
      I am the lawn!
    6. Re:Not so good for Spain's wages by v1 · · Score: 1

      But you could take your five years off, AND find work somewhere else, and it's like free money. Work once, paid twice. (well, 1.3x)

      --
      I work for the Department of Redundancy Department.
  2. It's EU, they can move freely by sznupi · · Score: 1

    For example to a place which has more opportunities ATM and/or much lower living costs...all the while getting their 30%.

    --
    One that hath name thou can not otter
    1. Re:It's EU, they can move freely by clone53421 · · Score: 1

      An opportunities ATM? All the ATMs in my area only give money... and then only if you have money in your account!

      --
      Alexander Peter Kristopeit bought his basement from his mommy for one dollar.
  3. Best layoff plan by Anonymous Coward · · Score: 0

    I think the best (in terms of the worker) layoff plan happened in Greece for the public telecom company (OTE). Each worker got completely laid off, but got around 250.000 euros in return.
    Of course this is not good for me, as a tax payer. Though now OTE is privatized with Deutsche Telecom holding the reigns.

    Article in Greek: http://www.sofokleous10.gr/portal2/toprotothema/toprotothema/ÎYÎÎ:-nÎα-ÂÎÏ...ÏÎÏÎÏήÂ-600-ÎÎαÏ.-ÎÎα-ÏÎÏ...Ï-μÎÏÏOEÏÎÏ...Ïâ¦-200901148634/

  4. Read about a law firm that was doing this also by Anonymous Coward · · Score: 0

    There was a NYT article about how a law firm was offering a year off to associates at 1/3rd pay... $80k!

    I don't know if the link will go through (http://www.nytimes.com/2009/04/13/nyregion/13bigcity.html) but the title was "$80,000 for a year off? SHe'll take it!"