How to get paid for not working

3 June 2009
Spanish bank BBVA has come up with a novel way to cut costs – offering employees a “holiday” from the daily grind for up to five years. A story in today’s FT lays out details of the scheme, announced yesterday, which apparently will provide workers almost a third of their usual salary during their hiatuses and a guaranteed job when they want to return. For some this paid time off will sound like a dream come true. But for others, I’m sure, the prospect of an extended break away from the office sets alarm bells ringing. Is this a prudent way to trim costs in the downturn? If you were offered the chance to take a similar “holiday” from work – would you take it?
London SW1E
Circa £62-68k depending on experience, with attractive benefits
Girls' Day School Trust
Chelmsford, Essex
Up to £44,000 per annum
Essex County Council
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