The restoration of losses suffered by bank employees during the 2013 financial crisis remains a key issue as the bank workers union (Etyk) calls for immediate implementation of an agreement with the government and the Bank of Cyprus. The deal, which resolves disputes over compensating losses exceeding €100,000, has yet to be submitted to the Council of Ministers for approval, delaying crucial restitution for staff affected by the financial haircut.

Etyk President Loizos Hadjicostis highlighted that bank employees who contributed up to 10% of their salaries over many years face compensation limits not applied elsewhere, contrasting their benefits with those of former elected officials. The union insists the pending proposal must be expedited to honor the commitment to restore provident fund losses.

At the union’s 58th annual congress in Nicosia, Secretary-General Christos Panayides also reported on significant collective agreements, including one with Societe Generale introducing a four-day workweek. The provident fund settlement is projected to deliver over €45 million in total benefits to union members, marking a major achievement for Etyk.