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Cyprus Coops unions agree to salary cuts

07 January, 2014

Trade Unions SEK and PEO and the management of the recently-nationalised Co-operative financial institutions have reached a preliminary agreement for reductions on payroll costs.
SEK representative Eliseos Michael told the Cyprus News Agency that the preliminary agreement between the management and the employees of co-operatives provides for a 15% reduction in salaries and other benefits.
He added that the agreement, in order to be valid, should be ratified by the trade unions’ district assemblies, scheduled to begin this coming week.
The Cooperative Credit Institutions were nationalised by 99% following a 1.5 bln capital injection it received by the state, which last March agreed with the Troika (EC, ECB and the IMF) on €10 bln bailout for Cyprus.