Cyprus Airways announced on Friday the abolition of 123 job posts. The Company has already sent letters to its employees, informing them that their service will be terminated on Monday. This decision falls within the framework of the Company’s reorganization based on the action plan prepared by the Labour Ministry.

Within the next few days, the national carrier is expected to submit their salaries but not their compensation. The redundant employees will receive their compensation in March, when the Company will borrow £30 million. According to the CAIR announcement, “The Company will submit to the staff an ex-gratia payment on the basis of a specific formula, which is part of the proposal of the Labour Minister. With the dismissal of the 123 redundant employees and the withdrawal of a number of managers and other high ranking officials, the Company will save £2.8 million per annum”. The dismissal of the 123 employees will save the amount of £6,500 per day.