**Etyk Calls for Restoration of Pre-Haircut Benefits for Bank Employees**
Nicosia, Cyprus – The 58th annual general congress of the bank workers union, Etyk, took place on Saturday, where the restoration of financial losses suffered by bank employees during the 2013 financial crisis emerged as a primary concern. Union leaders emphasized the need for the implementation of a previously reached agreement involving the government and the Bank of Cyprus.
Etyk’s president, Loizos Hadjicostis, highlighted that a recent agreement aimed at restoring losses from employees' provident funds has yet to be enacted. This agreement was intended to settle a dispute regarding the compensation for losses exceeding €100,000, which had been a point of contention between the government and the Bank of Cyprus. The union noted that the agreement remains unfulfilled because the necessary proposal has not been presented to the Council of Ministers for approval.
During the congress, Hadjicostis criticized the compensation limits imposed on bank employees following the 2013 haircut, arguing that those who have contributed to provident funds throughout their careers are facing restrictions that do not apply to other sectors. He drew comparisons between the compensation available to affected bank employees and the benefits received by former elected officials, specifically mentioning former finance minister Haris Georgiades. The union asserts that employees who dedicated up to 10 percent of their salaries over many years are unfairly capped in the compensation they can recover due to the losses incurred during the banking crisis.
In his address to the delegates, Etyk secretary-general Christos Panayides reflected on the union's activities over the past year. He discussed various collective agreements made with banking institutions, including a notable agreement with Societe Generale. This agreement introduces a four-day working week under a collective labor agreement in Cyprus, marking a significant development for the workforce.
Panayides also described the provident fund settlement as a major achievement for Etyk, estimating that the total benefit to union members could exceed €45 million. This figure underscores the importance of the ongoing negotiations and the potential financial relief for bank employees who have been affected by the financial turmoil of the past decade.
As the congress concluded, Etyk leaders reiterated their commitment to advocating for the rights and benefits of bank workers, emphasizing the necessity of restoring pre-haircut benefits to ensure fair compensation for their contributions and sacrifices during a challenging economic period. The union remains vigilant in its efforts to secure the financial well-being of its members while pushing for the timely implementation of agreements that promise to address longstanding grievances.