Hellenic Bank is preparing to launch a new voluntary early retirement scheme aimed at reducing its workforce by a substantial number of employees, with completion targeted by the end of 2025, it emerged on Tuesday.

According to reports, which have been backed up by sources who spoke to the Cyprus Mail, the scheme will offer compensation capped at €200,000.

The exact figure will be determined by various parameters, such as annual salary, years of service, and employee age.

While the bank has not confirmed the exact number of targeted departures, sources suggest the goal is to facilitate the exit of approximately 500 members of staff.

This follows a similar scheme in 2022, which saw the departure of 450 employees, representing 17 per cent of the bank’s workforce at the time.

The Cyprus Composite Leading Economic Index (CCLEI), compiled by the Economics Research Centre of the University of Cyprus (CypERC), recorded a year-on-year increase of 2.3 per cent in December 2024.

This marks a steady upward trajectory, following growth rates of 2.2 per cent in November and 2 per cent in October 2024, according to revised data.

“The upward trend of the CCLEI continued in December 2024,” CypERC said in a statement released this week.

Moreover, the centre explained that the index has been bolstered by several key economic indicators.

These include a rise in the Economic Sentiment Indicator (ESI) in Cyprus, increased tourist arrivals, higher volumes of credit card transactions by Cypriots, expanded retail sales, and a temperature-adjusted boost in electricity production.

To tackle traffic congestion and improve urban development, the municipalities of Limassol, Amathus, and Polemidia have teamed up on a collaborative spatial planning initiative, aimed at enhancing the city’s organisation while preserving the environment.

The Limassol Chamber of Commerce & Industry (Evel) has shared comments by Amathus mayor Kyriakos Xydias, who said that “the initiative was driven by rising concerns over traffic and the need for coordinated transport policies”.

“Traffic can’t be tackled in isolation. It must be part of a wider urban planning strategy, as future developments could make current solutions obsolete,” he explained.

The project will see cooperation with the University of Cyprus, Cyprus University of Technology (CUT), and Frederick University, which have already submitted proposals. 

The first step will be to assess the current traffic situation and identify the best practices to address congestion, alongside spatial planning across the three municipalities. 

The Cyprus Property Developers Association and Interior Minister Constantinos Ioannou met this week to discuss a number of issues impacting Cyprus’ housing sector.

These include delays in planning permits and the need for stronger public-private sector collaboration.

The meeting was attended by association president Yiannis Misirlis, board members, and general director Mersina Isidorou.

The discussion centred around the delays in issuing planning and building permits, which were identified as a major obstacle to both the housing market and the country’s competitiveness.

Misirlis explained that “these delays were putting significant pressure on the sector and called for immediate solutions.”

The Contractors Council is preparing to revise its member fees in a bid to address a budget deficit that has plagued its finances, according to its president Thekla Kadi.

Speaking during a presentation of the council’s 2025 budget to the House finance committee, Kadi stated that the deficit for the current year stands at approximately €390,000.

Kadi said that the council, which is responsible for the registration and control of contractors in Cyprus, generates its income from membership fees, which have not been revised since 2015.

She explained that the council operates independently of public funding, relying solely on its own resources.

“With the fee revision, the council’s finances will improve, allowing it to better meet its needs,” she said.

Wizz Air, as part of its aim to connect people from Cyprus to Europe and the Middle East, has broken its own record once again, by welcoming 62.8 million passengers in 2024 on over 300,000 flights, its highest ever passenger traffic.

The airline, which launched 94 routes in 2024 and grew its fleet size by 34 aircraft or 15 per cent, is set to add 50 state-of-the-art aircraft to its fleet over the next few months.

Wizz Air said on Tuesday that the routes included flights from Larnaca to Egypt and Milan.

It added that, out of 226 aircraft in Wizz Air’s fleet, 146 are brand new Airbus A320/21neos, offering the best performance and sustainability characteristics in its class, with the neo technology now powering 65 per cent of Wizz Air’s operations.

The Cyprus Stock Exchange (CSE) ended Tuesday, January 28, with gains.

The general Cyprus Stock Market Index stood at 225.29 points at 12:31, reflecting a rise of 0.63 per cent.

The FTSE / CySE 20 Index was at 136.85 points, representing an increase of 0.65 per cent.

The total value of transactions came up to €56,605, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.87 per cent and 1.83 per cent respectively. The alternative index fell by 0.16 per cent while the hotel index remained stable.

The biggest investment interest was attracted by Hellenic Bank (no change), Demetra Holdings (+1.85 per cent), the Bank of Cyprus (+1.21 per cent), Petrolina (-2.58 per cent), and Vassiliko Cement Works Public Company (+0.54 per cent).