ETYK signals expansion after Societe Generale deal
The four-day workweek Cyprus could expand to other banks and organisations following a new agreement between the banking union ETYK and Societe Generale Bank – Cyprus.
The agreement, which renews the collective contract at the bank, introduces a four-day working week during the summer months. ETYK says the development could pave the way for similar arrangements across the wider banking sector in the future.
Agreement approved by overwhelming majority
The collective agreement was reached last week and approved on Tuesday with an overwhelming 96% majority in a secret ballot by union members.
The new contract covers the period 2023–2027 and introduces, for the first time in Cyprus through a collective agreement, a four-day working week for July and August.
Under the arrangement, employees will work four days per week on a rotating basis while maintaining the existing daily working hours. The bank will continue serving customers normally throughout the week.
ETYK calls development “historic”
ETYK described the decision as a historic step for labour relations in Cyprus.
According to the union, the agreement introduces a modern and progressive work model that has not previously been implemented through a collective agreement in either the private or public sector in the country.
The union also stressed that employees’ salaries and benefits will remain unchanged, while the shorter working week is expected to improve working conditions and strengthen work-life balance.
Positive precedent for banking sector
ETYK said the implementation of the four-day working week at Societe Generale creates a positive precedent for the entire banking sector.
The union noted that introducing the system had been a long-term goal for its leadership and expressed hope that similar arrangements could be adopted by other organisations in the future.
The four-day workweek had also been proposed during negotiations with the Cyprus Banks Employers Association, which represents most—but not all—banks in the country. However, the request was not accepted in the latest agreement covering the 2023–2027 period.
The issue is expected to return to the negotiating table after 2027, although ETYK did not rule out reaching similar agreements with other banks currently in talks to renew their collective contracts.
Additional benefits included in the agreement
In addition to the four-day working week, the agreement with Societe Generale also includes several benefits for employees.
These include a one-off payment of €1,500 to all staff members to be paid by March 31, 2026, an increase of three additional days of annual leave, improvements to salary scales, and higher limits on contractual loans.
ETYK also welcomed the constructive stance of the bank’s leadership during negotiations, noting the positive role of CEO Khalil Letayf and Deputy CEO Nadim Abawat. The official signing of the agreement is expected to take place in the coming days.
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