Panayiotis Rougalas
“White smoke” has finally emerged after marathon negotiations between the Cyprus Union of Bank Employees (ETYK) and the country’s banks, now represented collectively as a single body, regarding the long-pending collective agreement that has remained unresolved since late 2022.
According to well-informed sources, the two sides have effectively “shaken hands,” and the agreement is expected to be formally signed within the week. This will bring a positive close to months of back-and-forth discussions before the year’s end.
The atmosphere in recent weeks had been favourable for a breakthrough. Two weeks ago, Bank of Cyprus Chairman Takis Arapoglou, Bank of Cyprus CEO Panicos Nicolaou, and ETYK Honorary President Loizos Hadjicostis visited the Presidential Palace to discuss issues relating to the replenishment of bank employees’ Provident Funds, which had suffered losses during the 2013 bail-in.
In addition, Kathimerini has learned that in recent days the three key figures steering the process were spotted at a well-known fish tavern in Nicosia—presumably discussing the final details of the collective agreement. Present were two bank CEOs: Panicos Nicolaou of Bank of Cyprus and Michalis Louis of Eurobank Ltd., alongside ETYK’s Loizos Hadjicostis.
Four-day week off the table, sort of
One of ETYK’s headline demands had been the introduction of a four-day workweek for bank employees. While the final agreement will not include such a provision outright, it is understood that a compromise will be reflected in the text, possibly in the form of increased annual leave.
ETYK’s broader demands included salary increases, restoration of post-2013 pay and benefit cuts, and adjustments to employer contributions to the Provident and Health Funds, among other issues.
The final document will reveal precisely what was agreed, what was left out, and what alternative arrangements were made.
A step toward labour peace
The signing of the collective agreement is expected to solidify labour peace across the banking sector, at a time when the broader economy is performing well and banks are in robust financial health. Against this backdrop, any labour unrest or tension would have seemed out of place.
ETYK and the banks last signed a collective agreement in late 2022. Until now, the terms agreed at that time had remained in force.
