Cyprus Mail

Bill to give former BoC employees bank shares

ALL PARTIES have unanimously submitted a bill to enable former Bank of Cyprus employees who voluntarily left to be given compensatory shares for opting to leave the bank early. 

The bill comes soon after a protest late last month by the former employees of the Bank of Cyprus (BoC) who accepted redundancy packages as their employer was forced to absorb Laiki Bank under the terms of an international bailout in March.

The former employees of the BoC said they had been promised they would lose only 25 per cent of their provident funds, but instead ended up with a 47.5 per cent loss while they had received none of the compensatory shares they were due.

Lawmakers are looking to amend an existing law on pension funds to enable the bankers to recover some of their funds in the forms of bank shares.

MP with opposition party AKEL Skevi Koukouma, who was one of the bill’s discussants in the House Labour Committee, said they were trying to make true a promise given to the BoC employees.

“The bill was submitted by all parties and aims to make possible the immediate yielding of the shares,” she said.

But legal services yesterday told lawmakers the bill might constitute discrimination because it could be interpreted as favouring the former employees over any other employees who have also incurred losses in their pension funds.

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