Societe Generale Bank – Cyprus has become the first bank on the island to agree a four-day working week for its staff, after reaching a collective agreement with banking union ETYK covering the period 2023–2027.
Bank of Cyprus, Eurobank, Alpha Bank, the National Bank of Greece (Cyprus), the Housing Finance Corporation, KEDIPES and bank insurance subsidiaries all rejected ETYK’s four-day week demand and signed a separate collective agreement instead. Societe Generale employs only 100 staff.
The four-day week will apply during July and August on a rotating basis, maintaining existing daily working hours. The bank will continue serving customers on all days of the week.
ETYK called it “pioneering for the banking sector in Cyprus,” saying it “opens the door for other organisations.”
The agreement also includes a one-off payment of €1,500 to all employees upon signing, three additional days of annual leave, higher contractual loan amounts and improved salary scales. Total annual leave stands at 36 days per year, excluding public holidays.
Under the separate agreement signed with the Banks Employers’ Association, staff received six extra annual leave days instead of a four-day week, and a one-off payment of €4,500 paid in three instalments across 2025, 2026 and 2027.