The new institutional framework of the National Minimum Wage, despite being a basis on which we can build for improvement, has significant shortcomings, so it does not work as a protection for the low-paid, while it does not reflect the real cost of living in the country, says the National Network Against Poverty-Cyprus in a statement.
A key pillar of the philosophy of wage floors, it adds, is to protect against wage inequality and, by extension, the reduction of the number of workers dependent on social benefits. Hours of work and working hours should, it continues, be defined, but at the same time existing agreements between the social partners, such as automatic price indexation (AAT) and collective labour agreements, should be taken into account.
The proper formulation of the institutional framework of the national minimum wage, it concludes, will contribute to fair competition and should therefore also be supported by businesses, while ensuring greater stability and sustainability of the cash CNA
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