Etyk asks BOC staff for authorisation to strike

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By Stelios Orphanides

Bank workers’ union Etyk said that it asked its members working for Bank of Cyprus to authorise it to take labour action against the largest Cypriot lender on the grounds that it has infringed existing agreements and the law protecting salaries.

“The administration of Bank of Cyprus, acting once more unilaterally and disrespecting existing agreements, labour institutions and its very staff, arbitrarily decided not to grant last January the compensation for inflation and the annual incremental pay rise to eligible colleagues,” the union said in a statement on its website on Friday. “We have already asked the bank’s administration to reconsider its unacceptable decision and to comply with its contractual and legal obligations.”

The union, known for its militant rhetoric, said that it will see itself otherwise compelled into talking “all necessary measures to protect the rights of the colleagues”.

Bank of Cyprus, the lender recapitalised five years ago with depositors’ funds, posted in the first nine months of last year a €553 million after-tax loss, mainly on increased provisions and is struggling with a 47.6 per cent non-performing loans ratio, or €9.2 billion.

On Jan. 30, five days before the presidential election runoff, the bank’s chief executive officer John Hourican said in an interview with the Cyprus News Agency, that the bank had decided to compensate its workers who lost money when their provident funds were bailed in March 2013, even if Etyk did not accept a proposed overhaul of the bank’s remuneration system at a cost of €23m.

Etyk said that its members employed at Bank of Cyprus will hold general assemblies on March 5.

“The decisions, actions and behaviour of the administration of the bank leave us no other choice, and it will carry the responsibility for the consequences,” the union added.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • almostbroke

    The ‘consequences ‘ should be to close the Bank of Cyprus down as being unviable due to the demands of the banks union and when the bank officials are standing on the side of the road with no jobs , will the union compensate them !

    • Neroli

      Everyone remove their money!

      • Cydee

        Where to? Under-the-bed?

  • clergham

    Bankrupt the bad debtors and repossess their properties is the only way to satisfy union demands

  • iuvcyprus

    I hope the staff at the BOC read very carefully what their Union is demanding because if implemented it will leave a failing bank in a position that closure is a very strong possibility. I hope they understand the consequences when they are standing in line for State handouts. Of course if the low life Cypriots paid off their NPL’s it would be a start for a financial restructure of the bank. BUT we Cypriots have a long history of putting our heads in the sand & blaming everyone else

  • Mist

    These guys sound if they have been reading the Fred Kite manual of Union Organisation. Some of which include; “We do not and cannot accept the principle that incompetence justifies dismissal. That is victimisation” or “Ahhh, Russia. All them cornfields and ballet in the evening”.

  • Jim

    When the banks results for 2017 are published this coming Tuesday morning, we shall see how bad a financial position they are in.
    The first nine months of the year saw a loss of over 500 million Euros.