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BOCY working hours amended

26/06/2015 11:45
Bank employees union ETYK achieved the abolition of the 12-hour working Monday and the maintenance of subsidized interest rates on new loans until the end of 2016 in its negotiations with the Bank of Cyprus.

At the same time it granted the extension of working hours Monday to Thursday until 3 pm starting next week and the reduction of the bank's contribution to the provident fund.

The new agreement, revealed by StockWatch, is valid until the end of 2016.

In particular, the agreement provides that from 01/07/2015 working hours Monday - Thursday will be 7:30 -15: 00 (doors open at 8: 00- 14:30).

Friday working hours will be 7:30 to 14:30 (doors open at 8: 00-14: 00).

ETYK is very satisfied with the agreement as the Bank sought more radical changes in working hours.

Today banks open at 8:15 and close at 1:30, except on Mondays, when during the winter months they are also open between 3:15 and 4:45.

"With the new regulation Monday afternoon during the winter months is abolished and what is very important is the fact that the 12 hours of afternoon training is now abolished by recording in the agreement the bank’s obligation for conducting any training only within working hours " says ETYK in its announcement.

This new regulation will inevitably be a benchmark for the rest of the banking system, ETYK notes in its statement.

Regarding the Provident Fund, the new agreement provides for the equation with those of other banks - members of KEST. This seems to imply a significant reduction of the contribution of the Bank to the provident fund by 3% of salary.

As for conventional loans, ETYK "locked" for employees, the low interest rates currently applicable to banks. ETYK agreed fixed rates which will no longer be influenced by any possible future increase.

The attachment shows the new rates that have been agreed for new loans that will be granted in the future, in contrast to BOCY’s claim to reduce gratuitous rates in existing loans as well.

Interest rates for existing loans remain at significantly lower levels, while for the new ones they will be higher but under more favorable terms than what prevails in the market since bank employees will borrow for various purposes with 1.40-1.60% interest rate.

"In light of the above, it worked for achieving this agreement through which labor peace until the end of 2016 is ensured while BOCY is given a necessary breath in its huge effort for recovery," ETYK notes.

"Finding a mutually acceptable solution, without the need for mediation by the Ministry vindicates beyond doubt the position of our organization that where both sides come to dialogue with good will and sincerity, solutions can be found even for the most difficult problems.

These are the messages that need to be received by the rest of the banks where discussions continue on pending issues of the collective agreement," ETYK adds.

ETYK stressed that "for the sake of order and principle we have to emphasize the good will and honesty shown by the Bank through the President of the Staff Committee Mr. Mike Spanos who contributed enormously to the achievement of the agreement".