Nicosia, Cyprus. Bank employees’ union Etyk said it has reached a preliminary agreement with the management of Societe Generale to renew the collective agreement for 2023 to 2027. The union said the deal was reached after intensive negotiations.
Preliminary agreement and key provisions
In a circular, Etyk said the agreement includes provisions aimed at enhancing stability, safeguarding employee rights, and creating modern prospects for employees’ professional future.
Four-day workweek rotation in summer months
Etyk said the institutionalisation of a four-day working week is a pioneering arrangement for the banking sector in Cyprus. The union said colleagues will work four days a week on a rotational basis during July and August, based on the existing daily working hours.
The circular said the bank will continue to serve customers normally on all days of the week during this period.
Payments, leave, and loan terms
Etyk said the agreement provides for a lump sum payment of €1,500 to all employees upon the signing of the contract. The union said annual leave for all workers will increase by three days, and that the amounts available for contractual loans will also be increased under the new terms.
What do you think the four-day workweek rotation could mean for employees and customers during July and August?