Bank of Cyprus is preparing a procedure for staff reduction


According to the guidance dated July 31, the Bank of Cyprus intends to reduce personnel costs, with changes in salaries and early retirement, as well as with part-time options. 

The bank’s management is able to consider the option of part-time work for employees and unpaid leave. 

For part-time jobs, earnings will be calculated as the ratio of the agreed number of hours worked per week to normal full-time working hours.

The island’s largest lender, Bank of Cyprus, posted a net loss of € 70 million in 2019 due to an increase in reserves following a deferred sale of non-performing loans and the cost of a voluntary retirement program.