A new agreement has been reached between bank employees and banks in Cyprus. The Cyprus Union of Bank Employees (ETYK) and the banks have finished talking. This agreement will bring peace to the banking industry for some time. It was made after many long meetings. The deal will be officially approved soon. This ends a period of worry for many people. The old contract was still being used until now.

The talks were not easy. There were many long sessions and important discussions. Finally, a breakthrough happened. A key meeting at the Presidential Palace helped a lot. The banks worked together to talk to the union. ETYK wanted better salaries. They also wanted back some money and benefits lost after the 2013 crisis. Changes to money paid into health and retirement funds were also difficult. These funds had problems before.

The union also asked for a four-day work week. This was a big request. However, it was not fully accepted. Instead, the new agreement will offer more annual leave. This is a compromise that both sides can accept. The negotiations were tricky. Banks needed to think about their operations. Employees had their own expectations.

This agreement comes at a good time. The economy in Cyprus is doing well. Banks are also financially strong. The deal stops any possible problems with workers. The new Minister of Labour wants to talk to everyone. He said he will work to keep peace. The agreement will be signed soon. It will change rules about pay and benefits for many workers. This agreement is important for the future. It helps the banking sector stay stable.