By Con Charalambous
Employers and unions have agreed to the government's amended CoLA framework and will be signing a preliminary agreement at 1400 this afternoon, in a ceremony at the Presidential Palace to be attended by President Christodoulides.
The deal was announced this morning by government spokesman Constandinos Letympiotis following almost a week of further deliberations, after The Chamber of Commerce and Industry accepted a new proposal and unionists mulled over the terms of the agreement for a while before responding positively earlier today after meeting the President, seemingly on a final push.
The President will be capping the positive development with his own assessment, offering remarks to the press following the ceremony.
According to a Cyprus News Agency report, unions are now satisfied with the amendments to the proposal, following deliberations with Christodoulides this morning.
Speaking on CNA, civil service union PASYDY General Secretary Stratis Mattheou said that CoLA will be given at 80% from January 1st, 90% from July 1st onwards and 100% on July 1st 2027 and every July henceforth.
Mattheou clarified that the CoLA estimate will now include the growth average of the previous year, which must be positive.
A ceiling is placing when it comes to CoLA on inflaction of up to 4%, with the national minimum wage now connected with the payment, through the integration of an amount equal to the CoLA of the two previous years.
Social partners agreed to revisit the minimum wage issue in 2028.