Trade unions postponed a wide-range meeting on Wednesday to meet Labour Minister Yiannis Panayiotou and discuss the cost of living adjustment (CoLa) payment.
The meeting will take place at noon, with trade unions Pasydy, Sek, Peo, and Deok.
Hence, the scheduled all-union meeting that was to be held on Wednesday to discuss the same issue, has been postponed, Pasydy said.
The labour minister estimated on Tuesday there will soon be a positive outcome on the dispute after the social partners initially rejected his compromise proposal. He said that some union representatives have already decided in a positive direction in terms of the CoLa dispute while others “are still in the process of evaluating the data”.
He also noted that no one can achieve everything that they think is right through a compromise, stressing the need to ensuring stability and industrial peace, essential for economic growth.
The cost of living adjustment, implemented since 1944, was suspended after the 2013 crisis and partially reinstated in 2018. Trade unions and employers’ organisations had entered discussions following the expiration of a deal struck in July 2017 that provided for employers to pay 50 per cent of CoLA.
Under the minister’s proposal, the 2017 interim agreement would be renewed for another three years with the increase of CoLA to two-thirds of the Consumer Price Index. This would mean CoLA would go up to a 66.67 per cent share from the current 50 per cent.
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