A preliminary agreement has been reached for the renewal of the ETYK–KEST Collective Agreement for the years 2023–2027, providing, among other things, for salary increases and additional leave days.

According to an announcement by the leadership of ETYK, a preliminary agreement has been reached with the Employers’ Association of Banks for the renewal of the ETYK–KEST Collective Agreement.

The announcement notes that, after nearly a decade, the Employers’ Association of Banks has been reconstituted and assumed responsibility for negotiating the renewal of the Collective Agreement with ETYK.

“Following months of lengthy and demanding negotiations, which intensified in recent months—particularly after the assumption of the Presidency of the Association of Banks by the CEO of Bank of Cyprus, Mr Panicos Nicolaou—the two sides managed to reach a preliminary agreement for the renewal of the Collective Agreement, which appears overall to be satisfactory to both parties,” the statement adds.

The agreement covers the years 2023–2027 and includes both lump-sum increases and general salary increases for all staff. Particular emphasis is placed on lower-paid employees, who will receive proportionally higher increases, ETYK states. The cumulative lump-sum increases for all staff amount to €4,500, while increases to the basic salary total €100 (€50 + €50).

“The agreement provides for an increase of six days in annual leave for all staff, a provision that highlights the importance placed on reducing stress and work-related pressure, which in recent years has admittedly grown significantly and reached levels that are hazardous to employees’ health,” ETYK further notes.

In addition, the agreement substantially increases the loan amounts available to bank employees, including housing, car, and student loans, among others.

ETYK also states that the agreement will be presented at General Assemblies in all districts on Tuesday, 23 December 2025, where members will vote on whether to accept and approve the agreement.

A significant provision of the agreement is the adoption of common (uniform) salary scales across all banks. Furthermore, the agreement revises the contribution rate of banks to the TYETYK fund, the announcement adds.

“With this agreement, all bank employees are covered, and labour peace is ensured for the next two years, a development that will be beneficial both for the banks and for employees,” ETYK concludes.