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The Minister of Labour and Social Insurance Mr.Yannis Panayiotou addressed today the European seminar entitled "Strengthening collective bargaining to ensure fair and adequate minimum wages".
The Minister said that, in line with the Government's people-centred policy and the social policy of the European Union, the development of the economy and the cohesion of society must work in tandem and be strengthened in parallel. Ensuring adequate wages is essential for the well-being of citizens who participate in the productive process as workers.
We are moving in this direction by implementing the governance programme through the institutionalisation and strengthening of minimum wages, the use of social dialogue to renew and extend contracts and the use of the Automatic Price Adjustment (ATA) mechanism to restore the value of wages. Already, the national minimum wage and the level of minimum wages in the hotel industry have been increased, positively affecting more than 30,000 low-paid workers. At the same time, we have made a substantial contribution to reaching social agreements with the social partners and I estimate that in the coming period we will together be able to achieve the renewal of important pending collective agreements and the negotiation of new ones.
I would also like to point out that I am optimistic that it will be possible to reach a comprehensive agreement on the future of the ATA institution within 2025, according to the timetable that has already been agreed.
I would also like to point out that I am optimistic that it will be possible to reach a comprehensive agreement on the future of the ATA institution within 2025, in line with the timetable that has already been agreed. Our country's human resources are the driving force of businesses and organisations, and the payment of fair and adequate salaries is an investment in the resilience, productivity and competitiveness of the Cypriot economy, he concluded.
(EAT/EP)
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