BOC has signed collective agreement with ETYK

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Cyprus Bank Employees ‘ Union (ETYK) has officially announced that Bank of Cyprus has signed an agreement to extend the 2018-2020 ETYK collective agreement offering a raise of € 230 (€ 115+€115) for all employees.

According to ETYK’s announcement today, ETYK Honorary President Loizos Hadjikostis and Managing Director Panikos Nikolaou signed the agreement.

According to the ETYK, this agreement calls for an equivalent raise of € 115,00 per month for all colleagues in 2019. The same applies for 2020.

It should be remembered that this system does not abolish the current pay scales, and the raise (€ 115 + € 115) is within the EYYK-agreed scales and is assigned to each colleague according to their rank.

The contract helps low-paid workers directly and long-term, the union says.

The arrangement further stipulates that the Bank will have to fill the vacancies (Promotional Positions) available at this time within the first half of 2020.

The 8% Provident Fund will return to 9% from 2021.

The Agreement, adds ETYK, reaffirms the fact that the arrangements between ETYK and the Bank of Cyprus continue to be applicable under the new provisions of the 2018-2020 Collective Agreement and stresses the obligation of both parties to the Code of Industrial Relations, which is a guarantee of faithful adherence to the Arrangements and the safeguarding of peace at work for the

Concluding, ETYK expresses the hope that “and the other banks will demonstrate the same maturity and responsibility and achieve a working peace agreement that is absolutely essential for our financial system for the next century.”