10/07/2003 11:55
A total 454 employees of the Popular Bank and the Bank of Cyprus have gained a promotion recently, while fifty employees of the Hellenic Bank are expected to win one by next week. General Secretary of the Cyprus’ Union of Bank Employees (ETYK), Loizos Hadjicostis, told StockWatch on Thursday that the evaluation procedure was opaque, arousing suspicions on the “meritocracy” of decisions.
The promotions fall within the framework of the banks’ agreement with ETYK for the renewal of the union contract, which provides that 33% of the employees in each bank must hold an organic post by July 1, 2003. These promotions are over and above the pay increases of 2% granted to the staff. Despite StockWatch attempt to extract more information on the issue, all banks denied to give additional data, either on the cost of increase due to the promotions, or the cost of increase from 2% or even both.
According to sources, however, the total cost for each bank will be low, since most cases concern either an augmentation, or the “occupation” of the post which had been covered by previous service, or the replacement of the post.
With regard to the pay increase of 2%, ETYK General Secretary said that the total cost for the banks amounts to CYP 3 million per annum and rejected claims on a lower profitability due to high salaries.
Opaqueness and reactions
Despite the fact that Mr. Hadjicostis expressed his satisfaction on the compliance of the banks with the union contract, he emphasized that the problem is not the number of promotions but “opaqueness and meritocracy”.
Responding on the question whether ETYK is expected to react, Mr. Hadjicostis noted that “the promotion criteria are not safeguarded by the union contract”.
Promotions and upgradings
According to StockWatch sources, the promotions are as follows:
The Bank of Cyprus: 125 promotions and upgradings (97 a’ grade promotions)
The Popular Bank: 329 promotions and upgradings (138 a’ grade promotions)
The Hellenic Bank: 60 promotions in 2001, 25 in 2002 and 50 in 2003.
The promotions fall within the framework of the banks’ agreement with ETYK for the renewal of the union contract, which provides that 33% of the employees in each bank must hold an organic post by July 1, 2003. These promotions are over and above the pay increases of 2% granted to the staff. Despite StockWatch attempt to extract more information on the issue, all banks denied to give additional data, either on the cost of increase due to the promotions, or the cost of increase from 2% or even both.
According to sources, however, the total cost for each bank will be low, since most cases concern either an augmentation, or the “occupation” of the post which had been covered by previous service, or the replacement of the post.
With regard to the pay increase of 2%, ETYK General Secretary said that the total cost for the banks amounts to CYP 3 million per annum and rejected claims on a lower profitability due to high salaries.
Opaqueness and reactions
Despite the fact that Mr. Hadjicostis expressed his satisfaction on the compliance of the banks with the union contract, he emphasized that the problem is not the number of promotions but “opaqueness and meritocracy”.
Responding on the question whether ETYK is expected to react, Mr. Hadjicostis noted that “the promotion criteria are not safeguarded by the union contract”.
Promotions and upgradings
According to StockWatch sources, the promotions are as follows:
The Bank of Cyprus: 125 promotions and upgradings (97 a’ grade promotions)
The Popular Bank: 329 promotions and upgradings (138 a’ grade promotions)
The Hellenic Bank: 60 promotions in 2001, 25 in 2002 and 50 in 2003.
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