cyprus stock — The Cyprus Stock Exchange (CSE) staff will transition to the public service following a newly signed agreement. This deal, formalised on Friday, includes the Finance Ministry, the CSE, and employee unions, marking a significant step towards the privatisation of the exchange.
Finance Minister Makis Keravnos expressed his satisfaction with the agreement, stating it regulates the transfer of personnel should the privatisation process proceed as planned. Keravnos noted, “This signing opens the way for the examination of government bills submitted to the House of Representatives,” emphasising the shared belief that privatisation will bolster the capital market.
He praised the cooperative efforts that led to the agreement, stating it reflects a government policy that ensures respect for employees and secures their future employment. The agreement guarantees a seamless transition for CSE staff to the public service, safeguarding their jobs while also offering a voluntary early retirement scheme and maintaining existing medical care plans.
CSE chairman Marinos Christodoulides highlighted the significance of the agreement, calling it a decisive step for both the privatisation and modernisation of the capital market. He acknowledged the role of staff in this process and thanked all parties involved for their constructive participation.
From the unions’ perspective, the privatisation of the CSE is seen as a unique case compared to other semi-state organisations. Trade union Sek’s Andreas Elia noted that the financial and capital market has specific conditions that necessitated employee agreement for the privatisation to advance. “The priority was to secure employees’ rights and positions, and we have achieved that through this supplementary agreement,” he stated.
Elia also credited the House finance committee for its essential role in facilitating the agreement, which will allow the relevant bill to be examined in the coming week. Peo’s Nicos Gregoriou expressed satisfaction with the outcome, highlighting the success in regulating staff rights and ensuring employment continuity or voluntary exit options.
The agreement also respects collective agreements concerning the Welfare and Medical Care Funds, which was a crucial aspect for the unions. Gregoriou remarked on the importance of reaching a socially accepted agreement through constructive dialogue, reiterating that the privatisation of the exchange is distinct from other cases.
Despite the progress, unions remain cautious about the implications of privatisation. The collaborative spirit among all parties involved suggests a commitment to addressing concerns while moving forward with the privatisation process.
