ETYK: Banks Refuse Pay Raises Despite Excess Profits

ETYK (Cyprus Union of Bank Employees) accuses banks of refusing to give pay raises to their staff, despite the "excess profits" they have recorded in the last three years, exceeding three billion euros. In a circular to its members, ETYK expresses its regret for the turn taken by the negotiations with the Association of Banks for the renewal of the collective agreement.

ETYK refers to "excessive salary increases given to executives" and "unrealistic bonuses", as well as the granting of "large percentages of dividends to shareholders". The organization calls for the restoration of salaries and benefits that had been reduced due to the 2013 financial crisis, as well as the granting of annual increases in basic salaries. In addition, it demands the establishment of a 4-day work week, without changing working hours for the public.

ETYK emphasizes that banks are showing huge profitability for the third consecutive year and that a small percentage of the profits should be channeled to employees, given that employees had suffered salary reductions during the period of losses.

Source: ΚΥΠΕ