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Database of national-level policy measures

Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure CY-2020-44/1590 – measures in Cyprus

Protection measures in the Bank of Cyprus branch offices

Μέτρα προστασίας στα καταστήματα της Τράπεζας Κύπρου

Country Cyprus , applies nationwide
Time period Open ended, started on 26 October 2020
Context COVID-19
Type Company practices
Category Protection of workers, adaptation of workplace
– Changes in work organisation
Author Loucas Antoniou (INEK) and Eurofound
Measure added 10 December 2020 (updated 29 January 2021)

Background information

Bank of Cyprus (BoC) set a bundle of protective measures against the spread of COVID-19 and the protection of employees and customers, which is based on the health and safety protocols issued by the Ministry of Health but adjusted to serve the Bank’s needs. The measures have been amended since the first introduction in accordance with the epidemiological data. The bundle of measures is currently implemented in all branch offices around the Island. Internet services and online banking are in focus but arrangements for people without technologies skills that require the physical presence in branch offices are also provided in the bundle.

Content of measure

Apart from the general health and safety measures (i.e., antiseptics, social distancing, labelling, disinfection of spaces) applied in the branch offices of BoC, the bundle of measures of BoC incudes:

  • A rotation closing system of the bank’s branch offices,
  • The elderly and other vulnerable groups are served exclusively in branch offices between 8:00 – 9:00 am,
  • Cash deposits up to €2,000 or deposits of more than 3 checks is performed through an envelop submission,
  • Cash withdrawals up to €500 are only performed through ATMs,
  • Payrolls and bank transfers are performed only electronically through the Bank’s service 1bank,
  • Non cash customers’ services (e.g, signing of contacts, information services, receiving of bank cards) are performed only through appointments.

Use of measure

Information on the effectiveness of the measures is hard to be obtained or estimated. However, the bundle of measures shall potentially help the spread of the virus among the elderly and vulnerable groups and serve the interests of the general public. Additionally, the implementation of the measures is likely to provide protection among the employees of the Bank, especially those in the first line serving customers face-to-face.

Contents

  • Health and safety
  • Work organisation

Target groups

Workers Businesses Citizens
The COVID-19 risk group at the workplace
Larger corporations
Applies to all citizens

Actors and funding

Actors Funding
Company / Companies
No special funding required

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement No involvement
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • No involvement
  • Main level of involvement: Company level

Involvement

Social partners were not involved in the designing phase of the bundle of measures and they are not currently involved in the implementation and monitoring process. This is an internal regulation of the BoC, which follows and adjusts the Ministry of Health protocol for health and safety against COVID-19.

Views and reactions

There is not particular reaction or expressed views from social partners for the BoC measures. However, the Central Bank of Cyprus (CBC) supports the initiatives of the Bank to implement such measures and calls all Banks to follow the governmental guidelines and publish their own health and safety protocols in their web pages.

Sectors and occupations

    • Economic area Sector (NACE level 2)
      K - Financial And Insurance Activities K64 Financial service activities, except insurance and pension funding

This case is not occupation-specific.

Sources

  • 16 March 2020: Εγκύκλιος Κεντρικής Τράπεζας για Covid-19 (www.stockwatch.com.cy)
  • 20 October 2020: Μέτρα πρόληψης στο δίκτυο καταστημάτατων της Τράπεζας Κύπρου (www.bankofcyprus.com.cy)
  • 23 October 2020: Νέα μέτρα προστασίας στα καταστήματα της Τράπεζας Κύπρου (epihirimatiki.com)

Citation

Eurofound (2020), Protection measures in the Bank of Cyprus branch offices, measure CY-2020-44/1590 (measures in Cyprus), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/CY-2020-44_1590.html

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