Cabinet earmarks €20m to compensate Etyk members in major U-turn

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Cabinet earmarks €20m to compensate Etyk...
 © CyprusMail 2017
Finance Minister Harris Georgiades said that taxpayers will have to pay additional €20m to compensate members of provident funds for their losses in the 2013 banking crisis, which constitutes a major U-turn from his previous position.

The new decision more than doubles a previous €100,000 cap in the compensation for retired affected members, which had angered bank workers’ union Etyk, to €250,000, Georgiades said according to a Press and Information Office statement. The new scheme exempts those who are still employed by Bank of Cyprus, he said. It covers 60,000 provident fund members...


Cabinet earmarks €20m to compensate Etyk members in major U-turn


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