An agreement was finalized today between the Ministry of Finance, representing the state, the Board of Directors of the Cyprus Stock Exchange (CSE), and the trade unions OHO–SEK and SIDIKEK–PEO. The deal reshapes the employment framework of CSE staff, introducing major changes to their status, benefits, and retirement options.

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Transfer to the Public Service

According to Brief, under the agreement, all permanent positions budgeted for 2025 at the Cyprus Stock Exchange, as well as employees on indefinite contracts serving on the reference date, will be transferred into the public service.

However, certain roles are excluded from this transfer, specifically:

• vacant first-appointment positions,

• vacant first-appointment and promotion positions, and

• the vacant post of Director General.

Voluntary Early Retirement

The deal also provides staff with the option of a voluntary early retirement scheme. Employees who choose not to join the public service may instead receive compensation, as outlined in the law annexed to the agreement.

If the compensation is subject to taxation, the scheme will be adjusted to ensure fair treatment of participants.

End of Medical and Supplementary Benefit Plans

Another key element of the deal is the termination of existing benefit schemes. On the reference date — which coincides with the transfer of employees to the public service — the following will be abolished:

• the CSE Medical Care Plan,

• the Supplementary Benefits Fund, and

• the operating rules of the SBF/CSE.

At the same time, the December 21, 2020 agreement between the CSE and trade unions will be officially terminated.

The CSE’s obligation to contribute to the Staff Welfare Fund will also cease on the same date.

€400,000 Lump-Sum for Welfare Fund

As part of the settlement, the CSE will provide a one-off payment of €400,000 to the Cyprus Stock Exchange Employees Union (SYHAK). The funds will be managed jointly by SYHAK and SIDIKEK–PEO as a special fund, benefiting all eligible employees regardless of union affiliation.

The amount will be available until fully exhausted and will be used exclusively for purposes originally covered by staff contributions to the Welfare Fund.

Supplementary Benefits Fund Reserves

Finally, the reserves of the Supplementary Benefits Fund will also be managed by SYHAK and SIDIKEK–PEO. The funds will remain restricted to their intended purposes, distributed under the existing internal rules of the Management Committee.