A big agreement has been made. The Cyprus Banks Association (KESK) and the Cyprus Bank Employees’ Union (ETYK) have agreed on improvements. This deal is for bank workers. It will last until the year 2027.
The agreement brings good news for employees. They will get bigger pay raises. They will also have more days for holidays. Bank workers can also get loans with better terms. This deal helps create more peace at work. It is good for the money industry in Cyprus.
This important deal comes after many talks. ETYK had asked for these changes for a long time. Cypriot banks are doing well financially. This good economy helped both sides find a solution. Many employees will benefit. Workers with lower pay will get special attention. The deal will start after KESK and ETYK approve it.
A special payment is part of the agreement. All bank staff will get €4,500. This will be paid in three parts. Each part is €1,500. These payments will happen in 2025, 2026, and 2027. Also, monthly salaries will increase permanently. Starting in 2026, salaries will go up by €50 each month. Another €50 will be added in 2027. This means a total permanent raise of €100 per month.
The agreement also improves other benefits. All staff get six extra days of annual leave. This is for current and new employees. It gives them more time to rest. Employee loans are also better. They can borrow more money. The maximum loan for a house is now €180,000. Car loans can be up to €30,000. These loans have low interest rates.
A four-day workweek was not part of this deal. However, the many benefits are expected to make employees happier. This agreement offers certainty until 2027. It will help banks and their workers grow.