Cyprus -Wage cuts in the banking sector -August 01, 2013

Bank employees’ trade union ETYK endorsed a proposal for wage cuts for all workers except those from the Bank of Cyprus (BoC). The proposal for salary reductions and for the creation of a solidarity fund was upheld by 78% of union members who took a vote at general meetings across the island. The proposal includes monthly cuts ranging from 5% for employees on salaries up to €2,000 to 30% for salaries above €10,000. BoC staff cuts had already been agreed previously. Late July the union called off a strike after BoC agreed to a new deadline for a proposed voluntary redundancy plan.



For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) or the communications officer at the ETUI, Mariya Nikolova For previous issues of the Collective bargaining newsletter please visit You may find further information on the ETUI at, and on the AIAS at

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