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Compensation of €7.2m for Eurocypria staff

04/03/2011 08:39
Only few hours after the Parliament approved the allocation of €20 million to Cyprus Airways as a compensation for the Turkish embargo, the government “knocked its door once again” asking for its consent to the approval of the bill for the coverage of the expenditure for the compensation of €7.2 million to 272 Eurocypria employees.

Following the termination of Eurocypria’s flight schedule in September, the government prepared a plan to compensate the Company’s staff.

After deliberations with the trade unions, Finance Minister, Charilaos Stavrakis submitted the plan to the Council of Ministers, which was deemed fair and balanced for all employees.

After the Council of Minister’s approval, the relevant bill was submitted in the form of supplementary budget, which is the second that has to do with the national carriers of the island in a month only.

The final compensation plan provides that for 191 employees the compensation is equal to 5.5 weekly salaries multiplied by the years of service.

As for the 63 pilots and co-pilots as well as the 18 managerial staff members, the compensation will be equal to 3 weekly salaries, multiplied by the years of service and an annual salary as a maximum compensation.

According to the plan, the total compensation is estimated at €7.2 million and will be paid by the Fixed Fund of the Republic.