Societe Generale Bank in Cyprus signs collective agreement for four-day work week

Societe Generale Bank in Cyprus has become the first bank on the island to implement a four-day work week for its 100 employees, following a collective agreement with the ETYK union for 2023–2027. This arrangement operates on a rotational basis during July and August while maintaining existing daily hours and full-week customer service. The deal includes a one-off payment of €1,500, three additional days of annual leave, and improved loan and salary terms. Other major financial institutions, including the Bank of Cyprus and Eurobank, rejected the four-day week proposal. Instead, these institutions signed a separate agreement with the Banks Employers’ Association. This alternative deal provides employees with six extra days of annual leave and a €4,500 one-off payment distributed in three installments between 2025 and 2027. Total annual leave under the Societe Generale agreement reaches 36 days, excluding public holidays.