Dec. 29 (Bloomberg) -- The Cyprus Bankers Employers’ Association and bank employees’ union ETYK agreed on a wage freeze in the east Mediterranean island’s banking sector for 2012 and 2013, the CBEA said.
The two sides also agreed to cut pay scales for new hires at banks, and modify retirement benefits for bank employees who will start paying contributions into their provident fund, Andreas Eliades, chief executive officer of Bank of Cyprus, which chairs the CBEA, told reporters in Nicosia today. The asociation will pay 1 million euros ($1.3 million) into ETYK’s social fund.
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