The Democratic Labour Federation of Cyprus (Deok) on Monday called the government’s measures to curtail soaring inflation disappointing and inadequate.

“Unfortunately, the long-awaited government measures to deal with the effects of inflation do not live up to our expectations,” the labour union said in a statement.

The union said they expected the government to announce a more comprehensive policy, which would include substantial measures both to strengthen vulnerable social classes and to boost market surveillance in order to combat profiteering.

“In this regard, the federation has submitted specific proposals, such as the transfer of 5 per cent of VAT receipts to the Social Cohesion Fund in order to strengthen targeted welfare policies,” the union added.

Moreover, the union also proposed the institutionalisation and increased staffing of the Commissioner for Consumer Protection in order to strengthen market controls and tackle unfair commercial practices.

In addition, the unio said that the extension of the reduced electricity and fuel tax measures to the end of August “will not make a significant contribution to tackling the now-dangerous levels of energy poverty”.

Professional services firm PwC announced last week that it will adopt a four-day work week for the months of July and August, saying that this change is part of its effort to create a better work environment for its employees.

The company is the highest-profile firm to enact such a measure in Cyprus so far, although this may lead to a more prolonged conversation as to the wider usage of such a work structure.

Cyprus Chamber of Commerce and Industry (Keve) secretary-general Marios Tsiakkis has already announced that the chamber will host an event in the coming months in order to discuss the benefits and drawbacks of the four-day work week with its members.

Meanwhile, trade union Sek, through its secretary-general Andreas Matsas has said that “matter is not that simple and all of its aspects need to be examined”.

Matsas added that such a measure could impact both pension and social security funds.

Four-day works have also been enacted by law firm Costas Melas and Associates LLC, as well as business-to-business fintech Ecommbx.

In relation, technology firm Amdocs Cyprus is already offering its employees as much annual leave as they would like to have, calling the measure a “win-win” for the company and its staff.
“Unlimited vacation days give our staff the opportunity to spend more time with their families, get their personal affairs in order, enjoy their hobbies and generally create a positive balance between work and personal life,” Head of Amdocs Cyprus Yiannis Tinis has said.

“From the employer’s point of view, we know that giving our team members the opportunity to use their personal time for themselves, their family and their well-being will enable them to offer their best to the company,” he added.

The Cyprus Stock Exchange (CSE) ended Monday, May 30 with profits.

The main Cyprus Stock Market Index was at 69.54 points at 13:21 during the day, reflecting a rise of 1.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.76 points, which represents an increase of 1.48 per cent.

The total value of transactions came up to €186,420.

In terms of the sub-indexes, the main index rose by 2.15 per cent, while the alternative, hotels and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+3.74 per cent), Hellenic Bank (+2.6 per cent), Logicom (+1.65 per cent), CCC Tourist Enterprises (no change) and KEO (no change).