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New Year Brings Strategic Challenges as DEOK Unveils 2026 Reform Agenda

Addressing Urgent Economic and Social Issues

The new year presents a host of significant challenges and pressing issues that demand prudence, collaboration, and solidarity. In a recent announcement, DEOK has outlined its core priorities for 2026, with a particular emphasis on tackling the persistent housing crisis, which continues to be a thorn in the side of thousands of citizens—especially the younger generations. Alongside this, the escalating costs of essential goods are placing substantial burdens on households across the nation.

Labor Relations and Collective Bargaining

DEOK has expressed growing concern over the exploitation present in certain work environments, the disruption of established labor relationships, and the undermining of collective bargaining agreements—a situation that leaves thousands of workers facing an uncertain future. The organization stresses the need for:

  • Improved terms and conditions of employment,
  • The implementation of the European directives to ensure that at least 80% of workers benefit from collective agreements, and
  • A socially just reform of the pension system that guarantees dignified living standards for both current and future retirees.

Additionally, DEOK aims to strengthen the operational efficiency of Pension Funds as a robust second pillar in the retirement system and to reopen discussions regarding a 12% proportional reduction in pensions for long-term participants in the Social Security system.

Minimum Wage and Productivity Enhancement

In its communication, DEOK also highlights the imperative of protecting citizens from unscrupulous profit-seeking practices while placing a renewed focus on enhancing economic productivity. The organization underlines the critical benefits of upskilling and re-training the workforce, which not only bolsters individual career prospects but also drives wider economic resilience.

  • The National Minimum Wage should be set at a level that is at least 60% higher,
  • It should be defined on an hourly basis with a gradual target of 38 hours per week, and
  • It must include additional benefits such as paid holidays, sick leave, and maternity leave.

Looking Ahead

While the year 2025 witnessed notable progress, DEOK is unequivocal about its readiness to push further in 2026. The organization warns that the wealth generated is not equitably distributed among all economic stakeholders, thus calling for a more balanced approach in fiscal and social policies. DEOK’s advocated reforms represent a strategic blueprint aimed at safeguarding the future of the workforce and the broader economic well-being of society.

Bank Of Cyprus Named Cyprus’ Best Digital Bank By Euromoney

Bank of Cyprus has been named Cyprus’ Best Digital Bank at the Euromoney Awards for Excellence 2026, recognising the lender’s digital banking developments during the review period from January 1 to December 31, 2025.

Digital Banking Expansion

During the year, the bank integrated Fleksy, Cyprus’ first buy now, pay later service, into its digital banking platform. It also expanded Joey, its youth banking app, by adding savings and goal-setting features and enabling transfers between Joey accounts.

Bank of Cyprus also extended QuickAccount to support sterling and US dollar accounts. In addition, it launched what it said was Cyprus’ first fully digital housing loan, expanding its digital offering beyond day-to-day banking services.

The bank said it now has more than 500,000 active digital users.

Focus On Customer Access

“Enabling our customers to access the financial products and services they need with ease at any time is at the core of our digital strategy,” Chief Digital Officer Demetris Nicolaou said. “It is an honour for the bank to be named the winner of Cyprus’ Best Digital Bank at the Euromoney Awards for Excellence 2026.”

The recognition follows the Euromoney Private Banking Awards 2026, where Bank of Cyprus retained its titles as Best Private Bank in Cyprus and Best for High-Net-Worth Individuals in Cyprus for a second consecutive year.

Wealth Management Growth

Euromoney also cited growth in advisory services, digital initiatives and a 36% increase in assets under management during the review period as factors supporting the bank’s private banking awards.

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