Unicredit a sharp increase in costs is expected for the transfer of 3.300 employees of the subsidiary Bank Austria from the private pension system to the public pension system. The Austrian Minister of Social Affairs, Alois Stoeger, yesterday presented a draft law to the Council of Ministers which approved it in view of the parliamentary scrutiny.
According to the new rules of law, called Lex Bank Austria, the Austrian institute, to transfer 3.300 employees from the internal pension fund to the public one, will have to pay, no longer as foreseen up to now with a special exemption, 7% of the last salary multiplied by the years of seniority, but 22,8 %, the rate that applies to the rest of the system.
Bank Austria had already announced that the transfer, which is part of the restructuring plan of the retail activities, would cost between 300 and 400 million euros which now it risks rising to more than 700 million euros, around 729 million euros according to estimates.
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