WEEK

Financial Mirror (Cyprus) - - FRONT PAGE -

3.55 bln. The bud­get forecasts to­tal rev­enues marginally lower at CYP 2.72 bln, while ex­pen­di­ture is ex­pected to rise mildly to CYP 3.55 bln, cre­at­ing a deficit of CYP 827 mln or 5.8% of GDP

The gov­ern­ment back­tracked on its orig­i­nal po­si­tion of not of­fer­ing any wage hikes to work­ers em­ployed at the semi-gov­ern­ment or­gan­i­sa­tions and has now of­fered a wage hike freeze for 2004 and 2005 and a 2% in­crease in 2006.

Trade unions for me­chan­ics and cabin crew have shown the thumbs down to man­age­ment plans for 135 re­dun­dan­cies at Cyprus Air­ways, de­spite an an­nounce­ment to ter­mi­nate the op­er­a­tion of two Air­bus A320s, within a dider plan to cut back on some 400 jobs.

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