Etyk hails 'major success' as bank staff approve 2023-2027 contract

Bank employee union Etyk members at Societe Generale Bank Cyprus on Tuesday approved the renewal of their collective agreement for the 2023–2027 period with 96 per cent support, introducing for the first time in Cyprus a four-day working week during the summer months.

During the meeting, Etyk honorary president Loizos Hadjicostis presented the provisions of the agreement and analysed its content in detail.

He also answered questions and provided clarifications to ensure that all participants fully understood the terms and provisions of the contract.

According to the announcement, an overwhelming majority of members supported the union’s proposal to approve the agreement, resulting in a 96 per cent approval rate.

“This decision marks a historic development for labour relations in Cyprus, as through this agreement the four-day working week is being institutionalised for the first time in our country, and it will be implemented during the summer months,” the announcement said.

“This development constitutes a major success for Etyk, as it introduces a modern and progressive institution that has not previously been implemented through a collective agreement, either in the private or the public sector of the country,” it added.

The union clarified that the daily working hours will remain the same, despite the introduction of the four-day working week during the summer period.

It also stated that employees’ benefits and earnings will not be affected by the new arrangement.

The collective agreement covering the period 2023–2027 also includes several additional provisions aimed at improving working conditions.

These include the payment of a one-off amount of €1,500 to all employees, which will be paid by March 31, 2026.

The agreement also provides for an increase in annual leave by three additional days for employees.

It further includes improvements to salary scales, according to the announcement.