Insider Business Bank of Cyprus again set to reduce staff-related costs

Bank of Cyprus again set to reduce staff-related costs

Bank of Cyprus is set to reduce staff-related costs with changes in salaries and early retirement and part time employment options again on the table, according to a July 31 circular by the management.

The Human Resources Department’s circular also informed the lender’s some 3,700 employees that unpaid leave could also be considered, Philenews reported on Wednesday.

“The coronavirus pandemic has affected us all, ushering in a new reality to the labour sector and indicating that we all have to adjust to a new state of play,” the circular also said.

“Within this framework and with the main goal being the provision of facilities to staff that will lead to a better work life balance, we are immediately proceeding with labour institutions,” it added.

It then clarified that for part-time work, earnings will be calculated as a ratio of the agreed number of weekly working hours to the normal full-time working hours.

In addition, it specified that approval of requests of this kind is subject of approval by Management of the Group so that the smooth operation of affected branches/departments continues.

Bank of Cyprus, the island’s largest lender, posted a net loss of €70 million for 2019, due to increased provisions after postponing a sale of non-performing loans and the cost of a voluntary retirement scheme.

In view of the COVID-19 outbreak, the bank has been updating macroeconomic assumptions.


Top Stories

UPDATE- Twenty-five new coronavirus cases today out of 2,950 tests total

According to an update the Ministry's Epidemiological Surveillance Unit has received it is announced that 10 additional new cases of the SARS-CoV-II virus were...

Bag snatcher caught red handed thanks to observant woman

A 22-year-old foreigner was arrested on Friday for snatching the bag of a 63-year-old foreign woman in a restaurant in Paphos. The theft was...

Fire in two adjacent houses in Fterikoudi under control (photos)

A fire broke out in two adjacent houses in Fterikoudi village in Nicosia a little before 2 pm on Saturday causing extensive damage. According to...

Man, 26, arrested for causing malicious damage to antennas

Police arrested a 26-year-old man on Saturday afternoon in connection with cases of attempted arson and causing malicious damage to antennas of mobile phone...

Fifteen new coronavirus cases detected out of 2,891 tests

The Ministry of Health has announced that 15 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...


Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...


Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...