Bank Offers Staff 5 Years Off For 30% Pay

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.

Not so good for Spain's wages

[hibiki_r]

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 Spa

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[Shooter28]

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.

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[Amouth]

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..

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[Shooter28]

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.

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[noundi]

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.

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[noundi]

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

It's EU, they can move freely

[sznupi]

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

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[clone53421]

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

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[v1]

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)