Unions and the the Cyprus Co-operative Bank are close to reaching a deal regarding the compensation to be paid to redundant CCB employers. The difference between the proposals of the two sides is currently around €10 million: the CCB proposes €105 million overall and the unions €115 million.
The general outline of the scheme has been agreed on: employees will be separated in groups according to years of service and will receive the corresponding compensation. The voluntary redundancy scheme will cover wages for 5 years minimum: there will be three groups, one with 5-10 years, one with 10-15, and one with 15-20 years of service. It has not been clarified as of yet what the compensation ceiling for each group will be.
However, some issues remain unresolved: the scheme will only cover those who had been hired before 2014. 160 employees who started working in CCB after 2014 are currently left out. The plan to be proposed for employees is expected to include the pre-existing health care and insurance arrangements for a certain amount of time.
Although the intention of the two sides was to close the deal by Wednesday, there may be an extension until the negotiations with the parties involved are completed and all pending issues are settled.