Eurocypria Employees To Receive 7.2mln
The House passed the budget by a majority yesterday, and the money to the 320 employees which include pilots, air hostesses, administrator and ground staff.
The formula for calculating each person's compensation is 5.5 weeks of salary multiplied by their years of service. Captains, managers and first officers' compensation will be calculated by multiplying three weeks salary by their years of service.
The average compensation for managers will be 45,000 euros, and the average for other staff will be 30,400 euros.
Eurocypria went bankrupt in November 2010 after falling victim to a drop in tourism demand amid a world-wide economic crisis.