Employees reject banking sector agreement proposals

27.2.13

The bank representatives’ proposal at the first meeting with the heads of the federation of bank employees (OTOE) for a new sector-wide contract has been rejected.

The banks suggested a 15% – 20% cut in wages, flexible operating hours for certain areas (such as tourist areas), increasing weekly working hours from 37 to 39 hours, abolishing certain benefits (such as marriage, balance and experience benefits) and reducing annual holiday leave.

The OTOE representatives rejected the offer in its entirety and demanded that the employer representative come back with a “realistic” plan at the next meeting on the 11^th of March. The OTOE vice president claimed that “these are totally unacceptable proposals”

The bank managements are expected to further pressure OTOE, since the current sector-wide agreement will run until the 14^th of May, after which point the cuts might be far higher.