15-Apr-2013 9:49 AM

Cyprus Airways: agreement has 'tremendous importance' for airline's future

Cyprus Airways announced (13-Apr-2013) the airline's agreement with the Cyprus Government and unions has "tremendous importance" for the airline's future. The airline said the agreement solved the issue regarding redundancies and will allow the airline to proceed immediately with the redundancy needed and to take other measures to "lay the foundation to stabilise and grow the company". Famagusta Gazette reported on 13-Apr-2013 the agreement provides for the lay-off of 490 staff, 70 less than originally planned. Employees will be given seven days during which to register their interest for voluntary redundancy. Staff who are laid off will receive compensation which will include 50% of the compensation paid under a previous retirement scheme. Compensation will be paid in six instalments every six months from Jan-2014. Employees remaining at the airline will see salaries cut by between 7% and 20.5% depending upon monthly income. Pilots will all receive salary cuts of 17%. [more - original PR Greek]

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