Compromise CoLA proposal could be ready in a few days

The matter of CoLA must be wrapped up as soon as possible, Labour Minister Yiannis Panayiotou said on Monday.

Speaking on CyBC radio, the minister said his meeting last Friday with unions and employers was significant in that after a period of unrest and strike action, both factions were back to sitting at the table.

The loose end of CoLA must urgently be resolved one way or another, the minister said, as businesses, employers and employees alike cannot be left hanging and need to plan their finances for the year.

Neither the prospect of full reinstatement of CoLA nor its abolition are possibilities, Panayiotou told CyBC.

If willingness to come together for a particular outcome is judged to be present, the minister said, he will submit a compromise proposal to the stakeholders, following approval from the president and the minister of finance, within the next few days.