20/05/2015 15:38
A new aspect of the strategy for the privatization of CYTA was presented on Wednesday by the minister of finance Harris Georgiades.
Addressing the 10th Congress of one of Cyta`s trade unions PASE ATHK on Wednesday Georgiades said that in parallel to the Cyprus Telecommunications Authority (Cyta) a new state telecommunications company will be created.
The majority of operations of the semi-governmental organisation will be transferred to the new state company with a view to attracting a strategic investor or investors, he said.
At the same time Georgiades reiterated the government`s position that the rights of employees will be fully guaranteed through practical adjustments.
He warned of the dangers of stagnation and of staying put in structures and attitudes of times past.
He said Cyta employees will have the right to leave Cyta and become part of the new organisation, an option which will include an attractive incentives package. They will also be able to opt for voluntary early retirement, or to maintain their rights are they stand today by working in the public service or remaining in Cyta under terms to be determined.
“In any case, employees will have opportunities and options, in any case their pension rights will be fully guaranteed and no employee will lose their status unless they choose to do so”, Georgiades said, stressing that “under no circumstances will an employee be let go.”
Cyprus` €10 billion economic adjustment programme, includes the privatisation of the Limassol Port, the Cyprus Telecommunications Authority and the Cyprus Electricity Authority, aiming to garner €1 billion until 2016.
Addressing the 10th Congress of one of Cyta`s trade unions PASE ATHK on Wednesday Georgiades said that in parallel to the Cyprus Telecommunications Authority (Cyta) a new state telecommunications company will be created.
The majority of operations of the semi-governmental organisation will be transferred to the new state company with a view to attracting a strategic investor or investors, he said.
At the same time Georgiades reiterated the government`s position that the rights of employees will be fully guaranteed through practical adjustments.
He warned of the dangers of stagnation and of staying put in structures and attitudes of times past.
He said Cyta employees will have the right to leave Cyta and become part of the new organisation, an option which will include an attractive incentives package. They will also be able to opt for voluntary early retirement, or to maintain their rights are they stand today by working in the public service or remaining in Cyta under terms to be determined.
“In any case, employees will have opportunities and options, in any case their pension rights will be fully guaranteed and no employee will lose their status unless they choose to do so”, Georgiades said, stressing that “under no circumstances will an employee be let go.”
Cyprus` €10 billion economic adjustment programme, includes the privatisation of the Limassol Port, the Cyprus Telecommunications Authority and the Cyprus Electricity Authority, aiming to garner €1 billion until 2016.
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