An intervention by President Nikos Christodoulides has injected new momentum into cost-of-living allowance (CoLA) talks, bringing employer and union organisations closer and raising hopes for a final agreement before the week is out, it was reported on Monday.
A revised draft of the proposed agreement is currently with employer and union organisations. The document is expected to be examined by both sides in the coming hours. Officials aim to reach a final agreement by the end of the week, if possible.
The revised text addresses a key issue that led employer organisations to reject the original draft. The final paragraph has been rewritten to clarify its wording and content. Previously, it granted broad powers to the finance and labour ministers to take measures or provide incentives to expand the number of CoLA beneficiaries. The new version limits this authority while keeping the intent aligned with ongoing discussions.
Additional changes have been made regarding references to linking CoLA with the national minimum wage. The revised wording now reflects the framework and principles discussed over recent months between the two sides.
According to a report on Reporter, if these changes remain unchanged and no further surprises occur, the revised draft is expected to be accepted by both employer organisations and unions.
Attention now turns to meetings scheduled over the next few hours, which will determine the final outcome. According to InBusinessNews, following President Christodoulides’ intervention, discussions are moving towards a permanent, comprehensive agreement on a matter that has remained unresolved for several months.
