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€41m for ports payoffs

Containers at Limassol port

THE government on Thursday submitted to parliament a supplementary budget of €41.1m for the Cyprus Ports Authority (CPA), covering payouts related to the pending privatisation of the ports at Limassol and Larnaca.

Of the additional expenditures, €31.1m will be given to licensed porters, the remaining €10m to be paid out to CPA employees opting for early retirement.

A number of employees are expected to be made redundant once the ports’ commercial operations are handed over to private operators.

The privatisation of commercial operations at the two ports is an obligation stemming from a bailout deal between Cyprus and international creditors.

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