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CYPRUS: Pancryprian Federation of Labor (PEO) Statement on Cost of Living Allowance (COLA) Issue

The Executive Council of PEO convened today, 23 December 2022, to discuss exclusively developments surrounding the Automatic Cost of Living Allowance (COLA). After having been briefed on the relevant developments to date, the Executive Council of PEO expressed its satisfaction with the handling of the issue made so far and noted the following:

  • It calls on the employers’ associations to abandon their unacceptable negative attitude which is outside the framework of what has been agreed, and to come to the next meeting with the aim of arriving at an agreement within the framework of the transitional agreement.
  • it calls on the government to taken on its role and act in such a way so that an agreement is reached on delivering the COLA based on its philosophy. It also points out that the timetable set by the Minister for the next meeting must be met.
  • It salutes the unity demonstrated by the trade union movement, as well as its readiness to respond in a collective manner, which is a decisive factor.
  • It calls on workers to remain united and vigilant in order to protect the COLA and ensure its full restoration.

The Pancryprian Federation of Labour (PEO) assures workers that it is ready once again to take up the fight to defend the COLA so that it fulfills its role in restoring the purchasing value of wages.

The Executive Council of PEO

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