[PIO] Announcement by the Ministry of Labour regarding the agreement for the renewal of the collective agreement at Hellenic Bank

At today's meeting of the Minister of Labour and Social Insurance Mr.Yiannis Panayiotou with the Chairman of the Board of Directors of the Hellenic Bank Mr. The renewal of the Collective Labour Agreement between the Hellenic Bank and ETYK, in accordance with the Mediation Proposal submitted by the Government, was agreed.

Following the conclusion of the agreement, the Minister said: "Today is a very important day for labour relations in the banking sector, because after a long period of pending issues and disagreements, an agreement has been reached on the renewal of the collective agreement between the Hellenic Bank and ETYK.

The positive response to the Mediation Proposal, which was submitted by the Ministry of Labour and Social Insurance, is a positive development that confirms the value of social dialogue and cooperation between the social partners.

The framework of understanding, which has been agreed between the representatives of the two sides, provides for acceptance of the content of the Mediation Proposal and confirms the will for constructive cooperation, taking into account the internal procedures, which are currently under way and are expected to be completed soon.

I wish to thank and congratulate Mr. Loizos Hadjikostis and Mr. Petros Christodoulou and their colleagues, who have cooperated constructively and effectively, ensuring normality and stability at a critical juncture with major challenges abroad, which makes understanding and cooperation at home indispensable.

Finally, I would like to reaffirm the Government's commitment to safeguarding labour peace through social dialogue, in accordance with the needs of society and the potential of the economy, as provided for in the President's Governance Programme for Economic Growth and Social Cohesion."

Subsequently, Mr. Christodoulou, on behalf of ETYK and Hellenic Bank respectively, thanked the Minister and the Government for their contribution to the positive outcome, stressing their readiness for cooperation for the benefit of the Bank and its staff, for a substantial contribution to the development of the Cypriot economy.

It is noted that the Collective Agreement at Hellenic Bank expired in 2018 and has not been renewed since then, which has been achieved today, following the mediation effort that has been developed over the last period, positively affecting some 2,200 employees and ensuring conditions of labour normality, which are essential for the future of the Bank.

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