Cyprus - Union criticises strange deal - December 31, 2017

Trade union Etyk made public that the Bank of Cyprus has offered to help members of provident funds recoup losses suffered in the 2013 banking crisis, a scheme announced by the government, but only in exchange for introducing a new salary regime. The country’s largest bank informed its workers about its intention to introduce a remuneration scheme which ‘will pin down’ the earnings of the vast majority of its workers and their prospect of getting promoted, saving the bank up to 20 per cent on its payroll. The union said that the government’s interference in the bank’s labour affairs is causing a lot of concern and indignation, whilst the ultimate aim of the bank is to drastically reduce labour costs.

Read on: in English …   

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