Cyprus Mail
Cyprus

Workers at Co-op subsidiary go on strike

Kedipes chairman Andreas Charalambous (left)

Some 250 workers at the Cyprus Asset Management Company (Kedipes) and its affiliate Altamira, a real estate company, staged a 24-hour strike Monday, a shot across the bow as they seek to force management into awarding them a collective agreement.

The strikers belong to the SEK and PEO trade unions. They demand reimbursement for salary reductions, a uniform collective agreement, and to be guaranteed inclusion on the payroll.

The workers had given management a deadline until last Friday to satisfy their demands.

Kedipes has called all trade unions to a meeting scheduled for October 24 to discuss a planned ‘organisational restructuring’ of the company. SEK and PEO have said they will attend, but are not optimistic about the outcome.

Kedipes was established as a 100 per cent subsidiary of the (now-defunct) Cyprus Cooperative Bank to manage the non-performing loans, real estate and other assets that were not part of the transfer to Hellenic Bank last year.

Altamira, in which Kedipes has a 49 per cent stake, also employs former co-op staff.

The co-op was nationalised in 2013. It was compelled to sell its operations to Hellenic Bank in June 2018 after its failure to reduce its non-performing loan stock fast enough, wiped out its equity.

 



Related posts

Pilides sworn in as energy minister, Demetriades as deputy shipping minister

George Psyllides

Anastasiades warns EU of Turkey’s audacity

Evie Andreou

12 flights in and out of Paphos on Tuesday 

Staff Reporter

Coronavirus: Unficyp seek clarity over TC crossing measures

Evie Andreou

Man arrested in Paphos for trying to break into a car

Staff Reporter

Woman 24, arrested after child shows signs of abuse

Jean Christou