Societe Generale workers in Cyprus secure four-day week deal

Bank employees’ union Etyk has reached a preliminary agreement with the management of Societe Generale for the renewal of the collective balance for the period 2023 to 2027, following intensive negotiations.

“This agreement includes significant provisions that enhance stability, safeguard employee rights, and create modern prospects for their professional future,” a circular issued by Etyk stated.

“The institutionalisation of a four-day working week is of particular importance, which is a pioneering arrangement for the banking sector in Cyprus,” the union emphasised.

“It is a modern institution that upgrades the quality of life for colleagues and enhances the balance between professional and personal life,” the union added.

The union pointed out that the move “creates a model for the entire industry and paves the way for other organisations as well”.

“Colleagues will work four days a week on a rotational basis during the months of July and August based on the existing daily working hours,” the union explained.

The bank will continue to serve its customers normally on all days of the week during this period, the circular confirmed.

The agreement includes several other provisions beyond the four-day working week, such as the granting of a lump sum of €1,500 to all employees upon the signing of the contract.

The number of annual leave days for all workers will also be increased by three days as part of the deal.

Furthermore, the amounts available for contractual loans will be increased under the new terms.

The agreement also stipulates the modification and improvement of salary scales for the staff.

“Etyk welcomes the positive and constructive stance shown by the Chief Executive Officer of the bank, Khalil Letayf, the Deputy Chief Executive Officer, Nadim Abawat, and their associates,” the union stated.

The union has now called on employees to attend a general assembly for a briefing and the final approval of the agreement on March 10, 2026.