26/10/2012 15:07
ETYK, the trade union of bank employees, reacted strongly to the salary cuts in Cyprus Popular Bank, accusing the Board of Directors for interpreting arbitrarily the decree.
ETYK decided to invite its members in Cyprus Popular in General Meetings, to discuss the implementation of the decree and to take decisions.
“The organization's leadership wisely and responsibly approached the Decree of 18/5/2012, "although that way that was issued revealed its anti-union origins”, ETYK said.
According to ETYK, it had a meeting with CEO, Christos Stylianides, in the presence of Staff Manager, Polys Votsis.
“In the two meetings, it was agreed that the rate of 12% provided by the decree should include the benefit of the bank from any voluntary retirement plan and generally the reduction of the payroll”.
It was agreed that the rate of 12.5% should include the benefit of the bank from the latest Union Contract, calculated from 5% to 7%.
“After the new management took over the leadership of the bank, it claimed that retirements should not be calculated in this costs and this decree calls for reductions in the salaries of the remaining employees”.
In this context, it sent its differentiated position by letter dated 22/09/2012 with the following suggestions:
a) Any reductions in salaries and benefits will be valid only as long as the state support lasts
b) Any reductions be in the form of cut
The measures recommended are:
1. Overtime to be paid with leave
2. Leaves to be reduced by three days (benefit of 1.2%)
3. To take into account the cost reduction due to retirements (voluntary or not)
4. To reduce the salaries of managers, no one to be above the top (maximum) of its scale
5. All bonuses exceeding €10,000 to be returned, even voluntarily
6. To take into account the reduction of higher wages due to decree (up to €132,000 per year)
7. To take into account the benefit of the bank since the last Union Contract and especially the fact that the amount paid to the colleagues as Provident Fund lags by 5% from the forecast.
8. To add 15 minutes to the daily hours (instead of 2:30 pm, 2:45 pm) and this costs over 3%
9. The bonuses and extra bonuses not to be affected over 25%
10. Taking into account all the above or even part of them, we would agree for the cost and after being deducted from the 12.5%, the remainder to be the "reduction" on a pro rata basis 3.5%, 7.0%, 14%.
"Instead, the bank's management took decisions and notified ETYK”, it said.
"Unfortunately, while waiting for the bank's views on our proposals, it seems that the Board had already decided arbitrarily proceed with the implementation of their decisions”, ETYK concluded.
ETYK decided to invite its members in Cyprus Popular in General Meetings, to discuss the implementation of the decree and to take decisions.
“The organization's leadership wisely and responsibly approached the Decree of 18/5/2012, "although that way that was issued revealed its anti-union origins”, ETYK said.
According to ETYK, it had a meeting with CEO, Christos Stylianides, in the presence of Staff Manager, Polys Votsis.
“In the two meetings, it was agreed that the rate of 12% provided by the decree should include the benefit of the bank from any voluntary retirement plan and generally the reduction of the payroll”.
It was agreed that the rate of 12.5% should include the benefit of the bank from the latest Union Contract, calculated from 5% to 7%.
“After the new management took over the leadership of the bank, it claimed that retirements should not be calculated in this costs and this decree calls for reductions in the salaries of the remaining employees”.
In this context, it sent its differentiated position by letter dated 22/09/2012 with the following suggestions:
a) Any reductions in salaries and benefits will be valid only as long as the state support lasts
b) Any reductions be in the form of cut
The measures recommended are:
1. Overtime to be paid with leave
2. Leaves to be reduced by three days (benefit of 1.2%)
3. To take into account the cost reduction due to retirements (voluntary or not)
4. To reduce the salaries of managers, no one to be above the top (maximum) of its scale
5. All bonuses exceeding €10,000 to be returned, even voluntarily
6. To take into account the reduction of higher wages due to decree (up to €132,000 per year)
7. To take into account the benefit of the bank since the last Union Contract and especially the fact that the amount paid to the colleagues as Provident Fund lags by 5% from the forecast.
8. To add 15 minutes to the daily hours (instead of 2:30 pm, 2:45 pm) and this costs over 3%
9. The bonuses and extra bonuses not to be affected over 25%
10. Taking into account all the above or even part of them, we would agree for the cost and after being deducted from the 12.5%, the remainder to be the "reduction" on a pro rata basis 3.5%, 7.0%, 14%.
"Instead, the bank's management took decisions and notified ETYK”, it said.
"Unfortunately, while waiting for the bank's views on our proposals, it seems that the Board had already decided arbitrarily proceed with the implementation of their decisions”, ETYK concluded.
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