Cyprus -Redundancy talks at new Bank of Cyprus -May 26, 2015

Pay cuts, 20% job cuts likely at Bank of Cyprus.

The leader of the bank employee trade union ETYK stated that the new Bank of Cyprus (BoC) must shed at least 20% of its staff to survive. ETYK had asked for a voluntary retirement plan but the absence of a CEO made it so far impossible to proceed. Other measures, like pay cuts, would also be necessary.


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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