Three unions give go-ahead to latest CoLA proposal

A deal over the cost of living allowance (CoLA) appeared to be inching closer on Thursday after three unions gave the thumbs up to the latest proposal.

Sek, Deok and Pasydy unions all said they were satisfied with the latest amendments submitted by Labour Minister Yiannis Panayiotou. With employer groups having already given the go-ahead, the only piece of the puzzle left is Peo union.

“It is very important and positive that our efforts to reach a deal for CoLA is developing in a way that allows us to be more positive than we were so far.”

He expressed caution until the CoLA agreement becomes a done deal, but sought to thank all parties who rubberstamped the proposal.

“Their decision contributes to our goal of reaching a goal that contributes to labour peace and stability. We are waiting for all organisations to complete their internal procedures.”

Peo issued a statement specifying it would announce its decision on Friday after a 3pm meeting. “We have already informed the minister we need this time,” the union’s general secretary Sotiroulla Charalambous said.

Meanwhile Pasydy specified there was unilateral backing toward the proposal, despite “the positives and negatives” it contained.

Nonetheless, it is a step in the right direction, the union highlighted.

“With an end to negotiations, buying power for wages is significantly improved,” Sek said in an announcement.

The development also ensures labour peace, it added.

Deok heralded the proposal’s provision that the matter will be resolved in its entirety by 2025.

The proposal entails that starting June, CoLA will be paid out at 66.7 per cent of the consumer price index, up from the current 50 per cent.