Nicosia: Government Spokesman, Konstantinos Letymbiotis, announced on Thursday morning that a preliminary agreement on the Cost-of-Living Allowance (CoLA) will be signed today at 2:00 pm (local time) at the Presidential Palace.
According to Cyprus News Agency, the President of the Republic, Nikos Christodoulides, met earlier in the morning with the heads of the trade union organizations. Present at the meeting, chaired by the President, were representatives of the four unions, SEK, PEO, DEOK, and PASYDY, along with the Minister of Labour and Social Insurance, Yiannis Panayiotou, the Minister of Finance, Makis Keravnos, the Deputy Minister to the President, Irene Piki, and the Government Spokesman, Konstantinos Letymbiotis. The same officials are expected to attend the signing of the agreement at 2 pm, together with representatives of the employers’ organizations, Cyprus Employers and Industrialists Federation (OEB) and Cyprus Chamber of Commerce and Industry (CCCI).
PASYDY’s Secretary-General, Stratis Matthaiou, speaking to CNA, expressed his satisfaction after this morning’s meeting. Outlining the final framework of the agreement, he said that the Cost-of-Living Allowance will be paid at 80% as of January 1, 2026, at 90% as of July 1, 2026, and at 100% as of July 1, 2027. From then on, CoLA will be paid in full (100%) every July. The calculation of CoLA will henceforth take into account the average growth rate of the previous year, which must be positive.