Societe Generale Bank – Cyprus has introduced a four-day workweek for employees during July and August under a renewed collective agreement with the banking union ETYK, becoming the first banking institution in Cyprus to implement such a schedule.
Setting A New Standard For Banking Institutions
Societe Generale Bank – Cyprus employs around 100 staff members. The new agreement introduces a reduced working schedule during the summer months as part of the collective contract for 2023–2027.
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ETYK supported the introduction of the four-day schedule during negotiations for the agreement. Other financial institutions, including Bank of Cyprus, Eurobank Ltd, Alpha Bank, National Bank of Greece (Cyprus), the Housing Finance Organization, the Bankers Association representing personnel, KEDIPES and several insurance subsidiaries, signed separate agreements with ETYK that do not include a four-day workweek.
Key Provisions And Broader Implications
The collective agreement introduces a four-day workweek during July and August. Employees will work four days per week on a rotational basis while maintaining existing daily working hours, and banking services will continue throughout the week.
Additional provisions in the agreement include several benefits for employees. Staff will receive a one-time bonus of €1,500 upon signing the contract, a three-day increase in annual leave, adjustments to salary scales and higher contractual loan limits.
Comparative Analysis With Industry Peers
The agreement differs from arrangements negotiated between ETYK and the Banking Employers Association. Under those agreements, employees received an additional six days of annual leave, while the Societe Generale Bank – Cyprus agreement provides a three-day increase.
Across the sector, bank employees are entitled to up to 36 days of annual leave per year, excluding public holidays.
The bonus structure also differs. Agreements with the Banking Employers Association include a total bonus of €4,500 paid in three installments in 2025, 2026 and 2027. Societe Generale employees receive a single payment of €1,500.
Looking Forward
ETYK said the introduction of a four-day workweek during the summer months reflects broader discussions about working conditions in the banking sector. The arrangement may contribute to further debate about work schedules and employee benefits within the financial industry in Cyprus.
