The renewed partnership between Hellenic Bank and Etyk is a positive turning point, ending past conflicts and setting the stage for improved stability and growth for approximately 2,200 employees. Through new salary scales and fair promotion criteria, this collective agreement promises harmonized employment terms and a foundation for normalized relations and future negotiations.
What is the significance of the renewed partnership between Hellenic Bank and Etyk?
The renewed partnership between Hellenic Bank and the bank workers’ union, Etyk, marks a significant advancement in labour relations, ending past disagreements with a collective agreement. Key outcomes include:
- Improved stability and growth for approximately 2,200 employees.
- Transition to new salary scales and fair promotion criteria.
- Promises of harmonized employment terms and rectifying past issues.
- A foundation for normalized relations and future negotiations.
A New Chapter in Labour Relations
After enduring a period rife with disagreements and stalemates, Hellenic Bank and the bank workers’ union (Etyk) have finally reached a consensus. The agreement on renewing their collective agreements is a significant step forward, one that was made possible through a mediation process supported by the Cypriot government. Labour Minister Yiannis Panayiotou played a pivotal role in this breakthrough by proposing a mediation plan that both entities accepted with open arms.
The banking sector’s labour relations landscape has been transformed by this development. The deal struck is especially meaningful considering the previous collective agreements at Hellenic Bank had lapsed since 2018. Approximately 2,200 employees stand to benefit from the positive impact of this accord, ushering in a new era of stability and growth.
Transition and Implementation
The transition period at Hellenic Bank, due to its recent acquisition by Eurobank, adds a layer of complexity to the agreement’s execution. Nevertheless, Petros Christodoulou, the chairman of Hellenic Bank, has reassured that this will not hamper the proposal’s provisions. In a display of commitment, the chairman has expressed his personal support for the mediation proposal in the upcoming board meeting.
The bank is now set to collaborate with Etyk on the integration of staff into new salary scales. Beyond this, the two parties are tasked with formulating promotion criteria that acknowledge the hard work of their employees over the past few years. Once these procedures are established, they will be retroactively applied from the date specified in the mediation proposal, provided the new board gives its nod of approval.
Looking Ahead: From Negotiation to Harmonisation
The harmony reached in this mediation is significant, marking the end of ‘red lines’ for the bank that previously hindered such agreements. Christodoulou has indicated that the successful negotiations have paved the way for harmonised employment terms among the bank’s staff and its insurance subsidiaries. Future steps include continuing negotiations across Cyprus’ banks with the goal of signing a new, encompassing collective agreement for 2023-2025.
Etyk has communicated this positive outcome to its members, emphasizing that the foundation for normalized relations has been laid. They signal that the normalcy will persist with or without the involvement of Eurobank and CNP. The union specifies that the agreements for 2019-2022 are secured, and efforts are now focused on the next cycle, ensuring strict adherence to the agreed timeline. Even in the case of delays, the bank is committed to retroactively implementing the terms for all employees.
This latest agreement is more than just a contract; it’s a promise for rectifying past injustices, and it’s a beacon of hope for a future where employees and management work in unison towards common goals. The spirit of cooperation and the anticipation of a more promising future underscore this landmark agreement, setting the stage for a bright and harmonious journey ahead for Hellenic Bank and its dedicated workforce.
What led to the renewed partnership between Hellenic Bank and Etyk?
The renewed partnership between Hellenic Bank and Etyk was achieved through a mediation process supported by the Cypriot government. Labour Minister Yiannis Panayiotou played a crucial role in proposing a mediation plan that both entities accepted, leading to the resolution of past conflicts and the signing of a collective agreement.
How many employees will benefit from the collective agreement between Hellenic Bank and Etyk?
Approximately 2,200 employees are set to benefit from the collective agreement between Hellenic Bank and Etyk. The agreement promises improved stability, new salary scales, fair promotion criteria, and harmonized employment terms for the bank’s workforce.
What challenges may arise during the transition and implementation of the collective agreement?
The recent acquisition of Hellenic Bank by Eurobank adds complexity to the transition and implementation of the collective agreement. However, the Chairman of Hellenic Bank, Petros Christodoulou, has expressed his commitment to executing the provisions of the agreement despite the transitional challenges. The bank and Etyk are working together to integrate staff into new salary scales and establish promotion criteria.
What are the future plans for labour relations at Hellenic Bank following the signing of the collective agreement?
Following the successful mediation and signing of the collective agreement, Hellenic Bank and Etyk are looking ahead to harmonizing employment terms among the bank’s staff and its insurance subsidiaries. Future negotiations across Cyprus’ banks are planned with the aim of signing a new comprehensive collective agreement for the years 2023-2025. The agreement represents a promise to rectify past issues and foster a cooperative relationship between employees and management for a more promising future.
