GERMANY: 'Bank' overtime and retire early from Continental
Continental AG will offer about 15,000 employees accounts in which they can save overtime hours in order to retire early, according to AFX News.
The programme will allow the supplier to save money because it will not pay overtime to workers who are saving hours until they retire. For example, an employee who worked a total of 6.5 days' worth of overtime annually for 40 years would be able to retire 18 months early and still receive full pension benefits. Upon retirement the employee would also receive payment for the additional hours worked during the 40-year period.
A Continental spokesman reportedly said the programme is optional and that workers who sign up for it may leave it at any time.