They have to pay fixed costs, living expenses and, in some cases, loans they took out for their homes – the financial situation has become precarious for the employees of the three KTM companies that have become insolvent due to the lack of November salaries. The ‘Krone’ shows how banks are now helping employees.
KTM has transferred money to employees for one working day, specifically November 30, and the December portion of the Christmas bonus on Thursday – for many this is a drop in the ocean.
Because: The employees are waiting for their November salary and the large part of the Christmas bonus – the bankruptcy compensation fund will cover both, although the transfer will probably not take place until the end of January.
But how can employees bridge the coming weeks? Invoices etc. often cannot wait and must be paid quickly without new problems arising. The local banks all agree on this: we help together and do not leave the KTM employees out in the cold.
Interest-free overdrafts
The Sparkasse Oberösterreich and the Raiffeisenbankengruppe Oberösterreich guarantee customers who are employees of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklung GmbH an interest-free overdraft limit of up to three net monthly salaries.
“No one has to be afraid”
Oberbank, Hypo Oberösterreich and VKB place the emphasis on developing individual solutions for each case. “No one has to be afraid,” says Oberbank. Options considered here include deferral of repayments or extensions of loan terms or the option to overdraw accounts.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
