The Cyprus Bank Employees Union (ETYK) has announced that an in-principle agreement has been reached for the renewal of the banks' collective agreement, covering the period 2023–2027, stressing that “the peaceful and mutually understanding renewal of the collective agreement creates positive prospects for the future”.
At the same time, and with the aim of informing its members about the provisions of the in-principle agreement, ETYK has convened District General Assemblies for tomorrow, Tuesday, 23 December.
ETYK Circular Announcement in full:
"The leadership of our Union is pleased to inform you that it has reached an in-principle agreement with the Banks Employers Association for the renewal of the ETYK–KESY Collective Agreement.
As is known, after almost a decade, the Banks Employers Association was reconstituted and assumed responsibility for negotiating the renewal of the collective agreement with ETYK.
Following many months of tough negotiations, which intensified in recent months, particularly after the assumption of the Presidency of the Banks Association by the Chief Executive Officer of the Bank of Cyprus, Mr Panicos Nicolaou, the two sides succeeded in reaching an in-principle agreement for the renewal of the collective agreement, which generally appears to satisfy both parties.
The agreement covers the years 2023–2027 and includes both lump-sum increases and general increases for all staff, with particular emphasis placed on lower-paid employees, for whom the increases are proportionally higher.
The cumulative lump-sum increases for all staff amount to €4,500, while increases in the basic salary total €100 (€50 + €50).
The agreement provides for an increase of six additional days of annual leave for all staff, demonstrating the strong emphasis placed on reducing anxiety and stress among employees, which in recent years has admittedly reached significant levels that are potentially harmful to employees’ health.
In addition, the agreement substantially increases the amounts employees are entitled to receive in the form of loans (housing, car, student loans, etc.).
The agreement will be presented on Tuesday, 23 December 2025, at General Assemblies of employees in all districts, where members will vote on whether they accept and approve the agreement.
A significant provision of the agreement is the adoption of common (uniform) salary scales for all banks, while the agreement also διαφοροποιεί the percentage of banks’ contributions to the ETYK Provident Fund (TYETYK).
With this agreement, all bank employees are covered, and it secures industrial peace for the next two years, a development that will be beneficial both for the banks and for employees."
