In order to clarify the ways to implement the agreement reached on the rescue of Cyprus Airways on 12 April between the government, the trade unions and the company, they will meet Wednesday afternoon with the Minister of Labour and Social Insurance Zeta Emilianidou, the trade unions and the Management of the national carrier.

According to CNA sources, at the meeting to be held at 16:00, the Ministry of Labour will discuss the practical implementation of the agreement, relating to, inter alia, the procedure for the award of the rights to the staff that will withdraw.

Discussion will also focus on the amount remaining in liquidity to the provident fund of CAIR, after the decision for haircut of 27% to uninsured depositors of Bank of Cyprus.

According to the agreement reached, the number of staff that will withdraw amounts to 490, compensations will be equal to 50% of the existing agreed plan, which will become effective from 1/1/2014, it will last three years and shall be paid in equal monthly installments.

Cuts on wages will be based on the agreements with the trade unions and on the basis of the reduction of 17% of the total payroll, 9% of which was already cut and now they will cut a further 8%.

In relation to provident funds, the deficit of €6 million will be covered through the plan based on which all Provident Funds will be covered and which will be prepared by the Ministry of Finance. The remaining amount of €12 million will be covered through the company's assets.