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...
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.
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