Spain's second-largest bank is taking the creative route to cost-cutting—offering its workers 5 years' paid vacation. Staff at BBVA who want to take time off to focus on "personal or professional projects" can receive 30% salary plus benefits, in addition to a guaranteed job when they return. The bank's HR chief tried to put a brave face on the situation: "We’re looking at offering alternatives to people," he told the Financial Times.
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