The government is ready to sign a deal for the cost of living allowance (CoLA) at any moment, Labour Minister Yiannis Panayiotou said on Friday, adding it could even be as soon as later in the day.

Speaking to state broadcaster CyBC, he said he was positive things could move forward.

“We are ready even this afternoon after Peo’s meeting is concluded, to meet with all stakeholders and sign a deal for CoLA,” he said.

Every stakeholder involved so far has given the green light for the minister’s proposal apart from Peo union, which is set to have a meeting at 3pm to discuss the matter.

“Ensuring labour peace is paramount. Despite the fact that a few months it seemed quite difficult this could be achieved, it seems we are very very close,” Panayioptou said.

A day earlier Pasydy, Deok and Sek unions said they could give their blessing to the CoLA proposal. Employer organisations Oev and Keve have also – somewhat reluctantly, agreed.

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.

It also includes a provision that the matter will be resolved in its entirety by 2025.