InsiderBusinessVery generous salaries at KEDIPES

Very generous salaries at KEDIPES

Very generous salaries received by 24 of the total of 339 employees at Cyprus’ state asset management company (KEDIPES) raise the monthly payroll up to €778,019,11, informed sources told Phileleftheros.

In fact, these 24 employees earn a gross salary ranging from €5,000 to €8,000 monthly.

KEDIPES was established as a 100% subsidiary of the collapsed Cyprus Co-operative Bank to manage the non-performing loans, real estate and other assets that were not part of the transfer to Hellenic Bank.

Specifically, out of the 339 employees, only 1.18% or just four, get a monthly gross salary of up to €1,000, including bonuses. Monthly salaries ranging from €1,001 to €2,000 are earned by 48.38% or 164 of employees. This salary scale includes most employees.

Higher salaries, ranging from €2,001 to € 3,000 are earned by 29.50% or a total of 100 employees. This is the second, in number of employees, salary scale. A monthly salary of €3,001 to €4,000 goes to 13.86% or 47 of employees.

But there are also more expensive ones, with 16 employees getting a monthly gross salary of €4,001 to € 5,000 which is equivalent to 4.72% of the 339 employees. In addition, four employees or 1.18% get a salary ranging from €5,001 to €6,000. Another three have a monthly salary of €6,001 to €7,000 which represents 0.88% of all employees.

And there is also one employee who gets a salary between €7,001 and €8,000, representing 0,29% of the total.

At the same time, there are now 19 different permanent staff agreements with three different unions – ETYK, SEK PEO. As well as a different agreement for staff on contract.

Phileleftheros has found out that 90 employees are manning the department of documents and processing service, 30 are in the department of technology and data management, and nine are in the portfolio management and agreement with the servicer department.

In addition, five employees are in the insolvency framework and arbitration commission department and another eight with that for the management of overdue payments.

Moreover, seven employees are with the Non-Performing Loans department, one person is in charge of loans by municipalities, and another four are in the government-guaranteed loan management department.


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