The restoration of losses suffered by bank employees during the 2013 financial crisis was a central issue at the 58th annual general congress of bank workers union (Etyk), held in Nicosia on Saturday.

Union leaders called for the implementation of an agreement reached with the government and the Bank of Cyprus.

Etyk’s president Loizos Hadjicostis said a recently announced agreement concerning the restoration of provident fund losses had yet to be put into effect.

According to the union, the agreement resolved a dispute over responsibility for compensating losses exceeding €100,000, with the government and the Bank of Cyprus previously holding differing positions on the issue.

Etyk said the agreement remains pending because the relevant proposal has not yet been submitted to the Council of Ministers.

Hadjicostis also referred to compensation limits imposed on bank employees following the 2013 haircut, arguing that workers who contributed to provident funds throughout their careers were subject to restrictions that did not apply elsewhere.

In support of that argument, he compared the compensation available to affected bank employees with benefits received by former elected officials, citing former finance minister Haris Georgiades.

The union contends that employees who contributed up to 10 per cent of their salaries over decades of service were capped in the compensation they could recover due to losses incurred during the banking crisis.

Addressing delegates, Etyk secretary-general Christos Panayides reviewed the organisation’s activities over the past year and referred to collective agreements concluded with banking institutions, including the agreement with Societe Generale.

Panayides said the agreement with Societe Generale introduces a four-day working week under a collective labour agreement in Cyprus.

He also described the provident fund settlement as a major achievement for the union, stating that the total benefit to members is expected to exceed €45 million.