Newsroom
Hellenic Bank and Cyprus bank workers' union ETYK have reached an agreement to fully implement their collective agreement, bringing an end to a prolonged dispute that caused uncertainty and disruption at the bank, according to a statement from ETYK.
The agreement, an extension of a prior deal brokered with the presence of Labor Minister Yannis Panagiotou, was signed by ETYK’s Honorary President Loizos Hadjikostis and Hellenic Bank CEO Michael Louis. With this signing, the two sides aim to foster a cooperative working environment as they move forward, ETYK said in a circular on Monday.
"This agreement begins a new era for Hellenic Bank," ETYK stated, noting that its implementation is expected to immediately improve relations between the bank and its workforce.
A key component of the agreement includes standardizing the employment terms for all Hellenic Bank staff, and eliminating a previous division between employees who originally worked for the Cyprus Co-operative Bank and those hired directly by Hellenic Bank. This unification brings all employees under one framework, addressing past concerns over salary scales and job classifications.
The recent accord also lays the groundwork for future negotiations between ETYK and the Association of Banks on renewing the collective agreement. Both parties hope this new era of collaboration will promote stability and growth for the Hellenic Bank and support its workforce.
