Cyprus Mail

Union continues sabre rattling as BoC workers vote on new exit plan

By Stelios Orphanides

ETYK members working at Bank of Cyprus in the Nicosia district have overwhelmingly approved a resolution authorising the union to take all necessary measures, including strike, if the lender goes ahead with redundancies following the failure of two voluntary retirement plans.

The bank had said it could make up to 193 redundant after two previous incentive plans failed to attract the necessary number of staff
Bank of Cyprus, which employees 4,100 workers in Cyprus, offered to supplement its voluntary retirement scheme, which aims at enticing up to 250 workers to retire, by diverting its contribution to the worker’s Solidarity Fund, after two previous versions of its scheme presented to its workers in February and March failed to attract sufficient interest, ETYK said.

“The board of directors is also authorised to handle the issue raised by the bank to terminate its contribution to the Solidarity Fund from June 30, 2016 in the context of discussions for a new voluntary retirement scheme,” ETYK added.

It is understood that Bank of Cyprus workers in Limassol and Paphos who voted on Tuesday, are believed to have also approved the new proposal. Workers in Larnaca and Famagusta area are voting on Wednesday.

The bank already informed the labour ministry last month of its intention to declare up to 193 workers redundant.

“We want to stress that the content of the new scheme has not been discussed so far with the bank’s management,” ETYK said. “Therefore, the situation remains particularly critical and dangerous”.

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