Negotiations over the renewal of the 2023-2027 Collective Agreement between the Cyprus Banks Association (KESK) and the Cyprus Bank Employees’ Union (ETYK) have ended on a positive note, clearing the way for pay increases and improved benefits for bank employees.
According to information obtained by Kathimerini Cyprus, the two sides have reached an agreement in principle to extend the collective agreement through 2027, closing a long-running chapter that had remained unresolved since the previous agreement expired in 2025, despite covering the period from 2023 onward.
The final deal focuses on supporting lower-paid employees, providing both one-off payments and permanent monthly wage increases. While ETYK’s demand for a four-day workweek was not included, a firm red line for banks, employers agreed to additional annual leave for staff.
Under the agreement, all bank employees will receive a 4,500-euro lump-sum payment, to be paid in three installments, one each in 2025, 2026 and 2027. The deal also improves access to low-interest, preferential loans for bank employees, with the ceiling for housing loans rising to €180,000.