We aim to strengthen wage adequacy to address rising costs, says Labour Ministry

07:51 - 14 October 2024

Economy Reporter

The government aims to strengthen wage adequacy in line with European guidelines, with a focus on middle and low-income employees, the Ministry of Labour and Social Insurance has said in a press release.

The Ministry notes that the Government is implementing a comprehensive and balanced policy to improve everyday life and address the increased cost of living, taking into account the needs of society and the potential of the economy.

The government's coherent policy to effectively address the rising cost of living and significantly reduce the negative impact of inflation, caused from outside, on the cohesion of Cypriot society is based on providing targeted support to the vulnerable, containing the cost of living and ensuring better wages for workers, the Ministry adds.

According to the press release, during the first year and a half of the governance of President Nikos Christodoulides, a decree was issued to increase the National Minimum Wage by 6.4%, from €940 to €1,000, as well as a decree to increase the minimum wages of the personnel in the Hotel Industry by 7.12%, which includes the cumulative COLA of the previous three years.

The Ministry also lists a number of collective agreements that were signed during this period, through which raises were granted, adding that the government has also taken a series of measures to support working parents, like the increase of maternity leave by one month and the inclusion of self-employed workers among the beneficiaries for the payment of parental leave allowance.

(Source: CNA)

We aim to strengthen wage adequacy to address rising costs, says Labour Ministry

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