Cyprus Airways management and the workers union were expected to reach an agreement to keep the airline flying but which lead to the layoff of 407 workers, and a 10 percent reduction in pay for the remaining employees.
The deal was brokered by Air France and KLM, and is expected to include severance pay of 26-28,000 euros for those who lose their jobs. The proposal is under discussion between the Ministry of Finance and trade unions.
The trade unions mainly worry about the amount of compensation. The unions, except those who represent one pilot, are said to be agreeable although some pilots reportedly are unhappy with the plan.
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