The restoration of pre-haircut benefits for bank employees emerged as a critical focus during Etyk’s 58th annual general congress held in Nicosia on Saturday.
- The restoration of pre-haircut benefits for bank employees emerged as a critical focus during Etyk's 58th annual general congress held in Nicosia on Saturday.
- Etyk argues that employees who dedicated up to 10 per cent of their salaries over decades are capped in the compensation they can recover from losses sustained during the banking crisis.
- This agreement introduces a four-day working week under a collective labour agreement in Cyprus, marking a significant shift in working conditions for bank employees.
- Panayides also hailed the provident fund settlement as a major victory for the union, projecting that the total benefit to members could exceed €45 million.
Union leaders, including Etyk’s president Loizos Hadjicostis, emphasised the need for the government and the Bank of Cyprus to fulfil a previously reached agreement regarding compensation for losses incurred during the 2013 financial crisis.
Hadjicostis highlighted that a recent agreement concerning the recovery of provident fund losses remains unimplemented. He expressed concern that the proposal necessary for the agreement’s execution has yet to be submitted to the Council of Ministers.
According to the union, the agreement sought to clarify responsibility for compensating losses exceeding €100,000, which had previously been a point of contention between the government and the Bank of Cyprus.
In his address, Hadjicostis drew attention to the compensation limits imposed on bank employees following the 2013 haircut, arguing that those who contributed to provident funds throughout their careers are facing unfair restrictions. These limits, he noted, are not applied to other sectors, including benefits received by former elected officials, citing former finance minister Haris Georgiades as an example.
Etyk argues that employees who dedicated up to 10 per cent of their salaries over decades are capped in the compensation they can recover from losses sustained during the banking crisis.
During the congress, Etyk’s secretary-general Christos Panayides reviewed the union’s activities over the past year. He spoke positively about collective agreements reached with banking institutions, including a notable agreement with Societe Generale.
This agreement introduces a four-day working week under a collective labour agreement in Cyprus, marking a significant shift in working conditions for bank employees.
Panayides also hailed the provident fund settlement as a major victory for the union, projecting that the total benefit to members could exceed €45 million.
