Bank employees union approves new collective agreement until 2027

The general assemblies of the members of the Cyprus Union of Bank Employees (Etyk) have approved the renewal of the collective agreement for the years 2023-2027, with a majority vote of 97.61 per cent.

According to an announcement, members were fully briefed on the content of the agreement and were given the opportunity to request clarifications, resolve questions and express their views on what was described as a particularly important issue.

During the general assemblies, members of Etyk voted by secret ballot on the proposal submitted by the organisation’s board of directors for the approval of the renewal of the collective agreement as presented. The result was an approval rate of 97.61 per cent.

In this context, the announcement notes that the outcome of the vote “once again confirms that colleagues and members of Etyk are distinguished by responsibility, prudence, maturity, proper planning and sound strategy”.

The agreement covers the period from 2023 to 2027 and, among other provisions, includes the granting of a lump sum of €4,500, to be paid in three equal instalments.

It also provides for a monthly increase of €100 in the basic salary (€50 plus €50), an increase in annual leave for all employees by six days, higher contractual loan amounts, as well as a modification and improvement of salary scales.

Moreover, the union said it had negotiated the renewal of the agreement “with persistence, seriousness and responsibility”, adding that the agreement ensures labour peace until the end of 2027 and is considered beneficial for all colleagues, particularly low-wage earners.

It added that the result “vindicates our organisation towards our colleagues”.