collective agreement — collective agreement — The Cyprus Bankers Employers Association and the Cyprus Union of Bank Employees (Etyk) have successfully signed a new collective labour agreement, which will govern employment terms from 2023 through to 2027.
- As the agreement sets the groundwork for a cooperative future, it reinforces the notion that the interests of both employers and employees can align for mutual benefit.
This significant agreement was formalised on Wednesday at the Bank of Cyprus (BoC) headquarters, with the Labour Minister, Marinos Moussioutas, observing the proceedings. The president of the association, Panicos Nicolaou, and the honorary president of Etyk, Loizos Hadjicostis, were instrumental in the signing.
The association expressed that the agreement embodies a spirit of collaboration between employers and employees, signalling a commitment to labour peace and a positive outlook for both the banking sector and the wider Cypriot economy. Nicolaou remarked on the shared vision for the future, especially with Cyprus poised to take on the presidency of the Council of the European Union in the first half of 2026.
He highlighted the shift towards a partnership-based approach in employer-employee relations, emphasising that both sides are now united in their efforts to generate economic value, support societal welfare, and ensure financial stability.
Notably, this marks the first collective labour agreement in several years, covering staff employed at member banks of the union. Earlier in the week, Etyk members overwhelmingly approved the renewal of this agreement, with a remarkable majority of 97.61 per cent during their general assemblies.
Prior to the vote, members were thoroughly informed about the agreement’s contents and were encouraged to seek clarifications. The high approval rate reflects a sense of responsibility and maturity among union members, who demonstrated sound strategy and planning.
The new agreement includes several key provisions, such as a lump sum payment of €4,500, distributed in three equal instalments, and a monthly salary increase of €100, structured as two increments of €50. Additionally, employees will benefit from an increase in annual leave by six days, enhanced contractual loan amounts, and improvements to salary scales.
The union underscored that the negotiation process was conducted with seriousness and persistence, ultimately ensuring labour peace until the end of 2027. It is particularly advantageous for employees on lower wages, affirming the union’s commitment to their welfare.
As the agreement sets the groundwork for a cooperative future, it reinforces the notion that the interests of both employers and employees can align for mutual benefit.
