Cyprus Mail
Business

CY deal with unions will save €4.0 million

Cyprus Airways (CY) has struck a deal with workers to cut its contribution to their provident fund significantly for 15 months, it was announced on Friday.

The deal, struck with the unions – apart from the pilots — will see the airline reduce its contribution to 1.0 per cent, from 8.0 per cent, a move that will save it some €4.0 million.

“This agreement reflects the determination of the unions and staff to support Cyprus Airways and the management during a crucial juncture,” a statement said.

The airline said the savings achieved through the deal, along with a series of other cost-cutting measures, bolstered the efforts to keep the airline going.

Those efforts were dealt a blow this month after a deal to sell Qatar Airways a timeslot at London’s Heathrow airport fell through when its details were leaked to the media.

The Gulf airline reportedly turned to a better offer from another cash-strapped aviation company, after details of the €20 million deal were made public.

Nyras, an aviation solution company that was brokering the deal between the two carriers, sent a letter to the CY board, scolding them for not keeping the details of the agreement under wraps.

Nyras noted that Qatar Airways probably had a better deal by a company that sold its timeslot cheaper.

 

 


Related posts

‘Public health must be prioritised over phone companies’

Katy Turner

Hail and storms from Famagusta to the mountains (update 4)

Katy Turner

Halloumi standing takes a further knock (updated)

Katy Turner

Colourful festival draws to a close in Ayia Napa (pics)

Katy Turner

Armed robbery at Nicosia bakery

Katy Turner

Greek Cypriot returns to his village in north after building new home

Katy Turner

2 comments

Comments are closed.