By Stelios Orphanides
Bank workers’ union ETYK said that it asked Bank of Cyprus workers to decide the fate of an updated voluntary retirement scheme tabled by Cyprus’s largest lender in an attempt to avoid redundancies.
The bank which informed the labour ministry of its intention to declare redundant up to 193 workers, angering the union, enticed only 75 of its 4,100 workers with a previous version of the scheme in March and February.
ETYK, which criticised Bank of Cyprus’s scheme as not generous enough, said that the union’s leadership and Bank of Cyprus’s workers discussed at an assembly on Thursday the bank’s new proposal on how to cover the additional cost, and “found it satisfactory” as it may allow the creation of a new formula.
The Cyprus Business Mail understands that the Bank of Cyprus proposal provides for additional benefits to workers who decide to retire early, financed by diverting staff contributions to a fund.
Bank of Cyprus workers will take their decision in a vote that will begin today in Nicosia, and continue on Tuesday in Limassol and Paphos. The voting process will be completed when Bank of Cyprus’s workers in Larnaca and Famagusta cast their vote on Wednesday.