CY Chairman Antonis Antoniou said on Monday that 210 redundancy letters to staff will be sent out, despite earlier reports that their delivery would be postponed until President Nicos Anastasiades’ meeting with Trade Unions on Thursday.
Unions called on staff to remain patient and hold off on any strike action until after Thursday’s meeting.
Antoniou told the unions on Monday morning that 70 employees, who had already agreed to leave their positions, would receive redundancy papers.
Antoniou had met employee trade unions SYNYKA SEK and SIDIKEK PEO to discuss the proposed redundancies. Immediately after, the unions called an emergency meeting at SEK headquarters in Nicosia.
General-secretary of SYNYKA SEK Andreas Pierides told reporters that there appears to be light at the end of the tunnel.
CY informed unions on Thursday that it could not afford to pay compensation.
Under the provisions of the latest rescue plan, CY will see 490 of its 1,040 staff made redundant and a reduction of its fleet by four aircraft to six.
The plan also provides for salary cuts across the board.
Sixty-eight employees have already left the company.
The on-going CY issue is due for discussion at the House Finance Committee, “as soon as possible” according to its head, Nicolas Papadopoulos.