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Central Bank defends rehiring retired staff

AT LEAST two Central Bank employees who took early retirement to avoid losing any benefits have been re-hired by the regulator on contracts, the Sunday Mail has learned.
The two, Maria Stefani, secretary of Senior Director Spyros Stavrinakis, and Maria Papadopoulou, were both re-hired on contracts after opting to take early retirement to avoid losing any of their benefits as part of new legislation that came into force this month.
The Central Bank said the contracts were for a short period and were deemed necessary to ensure the smooth operation of the organisation in light of the rising number of early retirements.
Over 1,200 public servants – three-quarters of total retirements in 2012 - including teachers and police officers, opted for early retirement last year to dodge cuts to their pensions and lump sums after the government enacted a series of austerity measures in line with a bailout adjustment programme.
A third retired employee, Andreas Michael, has also been re-hired on a contract, but it was not clear if he too had left early or if he had reached retirement age.
The Central Bank said it was a necessary move to cope with increasing obligations combined with the high number of personnel departures.

Source: Cyprus Mail, January 6, 2013


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