Banks close to union deal

The island’s banks are close to a three year contract deal with the bank employees union, ETYK, similar to the collective renewal deal reached earlier by the government and the civil servants union.

Vassilis Rologis, Chairman of Bank of Cyprus told reported during the presentation of the first half results that the eight month dialogue with the unions is close to an end, and a deal is likely to be reached as early as this week.

“It is basically in the same spirit of agreement as the collective renewal deal reached between the government and the civil servants union, PASYDY,” said Rologis.

He was referring to the three-year collective deal under which civil servants agreed to a 2% pay hike over 3 years. Rologis also said the deal with ETYK will also include a clause allowing banks to proceed with more outsourcing deals and extend the customer banking hours at the branches.