Cyprus banks reach pay deal

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Cypriot Banks and the Bank Employees Trade Union (ETYK) reached a preliminary agreement regarding the Collective Agreement for 2008-2010 providing for a 2.0% annual wage increase for 2008, 2009 and 2010.

Press reports also stipulate that the COLA wage adjustments as well as the annual salary employee increases are not included in the above adjustments in the Collective Agreements. The preliminary agreement is expected to be ratified later by the Board of ETYK.