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Central Bank and Bank Employees’ Union signed collective agreement

Central Bank and Bank Employees’ Union signed collective agreement


On Thursday, a new collective agreement was signed between the Central Bank of Cyprus (CBC) and ETYK, the Bankers’ Union. The agreement allows for the restructuring of the organizational structure of the Central Bank.

“Today’s agreement is an important milestone for the Central Bank,” said CBC Governor Konstantinos Herodotou, speaking to the press after the signing of the agreement. He added that with the new agreement, the Central Bank is acquiring an “organizational pyramid” with 10 different levels of employment. Previously, he continued, the Central Bank had several pyramids with 27 different levels, which made it difficult to make decisions and affected the effectiveness of the Central Bank. Herodotus thanked the two negotiating groups for reaching this agreement.

ETYK Honorary President Loizos Hadjikostis expressed satisfaction with the achievement of a “balanced agreement” that “lays the foundation for improving the bank’s functionality and performance while respecting the staff.”

He said that there are no additional economic benefits as a result of the agreement, but they arise from the restructuring of the bank, providing employees with more opportunities for promotion and professional development. The term of the agreement covers the period from 2017 to December 31, 2021.

Asked about the economic value of the agreement, Herodotus said the agreement was preceded by an economic analysis approved by the board of directors. He said that they have managed to strike a balance between modernizing and restructuring the Central Bank and securing a labor peace with staff for the best functioning of the Central Bank of Cyprus. “This is what we have achieved with this agreement,” he concluded.

Source and photo:, Editor

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