Help after insolvency

How banks are solving KTM employees’ financial problems

The financial situation is now precarious for many employees.

(Bild: Markus Wenzel)

They have fixed costs to pay, living expenses and, in some cases, loans that they have taken out for their own homes - the financial situation for some KTM employees has become precarious. The November salary has been withheld, as has much of the Christmas bonus. The "Krone" shows how the banks are now helping the employees.

KTM transferred money for one working day, specifically for November 30, and the December portion of the Christmas bonus to the employees on Thursday - for many, this is a drop in the ocean.

Because: The employees of the motorcycle manufacturer are waiting for their November salary and the big chunk of the Christmas bonus - both will be paid by the insolvency compensation fund, but the transfer is not expected to take place until the end of January.

But how can employees bridge the coming weeks? Invoices and the like often cannot wait and must be paid quickly without causing new problems. The local banks are all in agreement here: we are helping together and not leaving the KTM employees out in the cold.

Interest-free overdraft facilities
Sparkasse Oberösterreich and the Raiffeisen Banking Group Upper Austria are guaranteeing customers who are employees of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH an interest-free overdraft facility of up to three months' net salary.

"Nobody needs to be afraid"
Oberbank, Hypo Oberösterreich and VKB emphasize that they will work out individual solutions for each case. "Nobody needs to be afraid," says Oberbank. The options being considered here include deferring loan installments or extending the term of loans or even overdrawing accounts.