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Cyprus

Bank workers union to demonstrate over provident funds

Bank employees want their provident funds fully reinstated

Bank employees’ union Etyk will hold a demonstration on February 1, because the government has failed to keep its promises, it announced on Tuesday.

Etyk said it would hold an extraordinary session on January 31 to discuss “ongoing developments with particular focus on the well-known problem of provident funds,” which were affected by the deposit seizure during the 2013 haircut “and the government’s pledge to restore it.”

Etyk said the presidential elections were important and everyone should exercise the “holy right to vote” based on candidates’ actions as opposed to words.

In 2013, the government made €300m available to compensate members of funds for deposits lost in the bail-in and in July 2017 made another €168m available to increase the recoupment to 75 per cent of losses per member or up to €100,000.

Last month, the Cabinet decided to allocate an additional €20m by relaxing the criteria for provident fund members who have meanwhile left Bank of Cyprus. The lender offered to compensate its workers for their losses in exchange for an agreement on a new remuneration system.

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