Trade unions demand full payment of CoLA

The Independent Trade Unions’ Federation (Poaso) on Monday called for its workers to receive full payment of the Cost of Living Allowance (CoLA).

Putting their case forward, they cited “a significant increase in turnover and profits” for private sector companies in the first half of 2023, which they say surpassed the levels seen in 2019.

These profits, they say, “reflect the rise in prices of goods and products as a result of inflation, while [companies] claim the economy and consumers have recovered”.

They added that the seven companies which have announced financial results for the first half of the year recorded a total of €6.1 million in profits, up 29 per cent on the same period in 2022.

They said these figures “demonstrate the super-profitability of both the consumption and retail sectors, amidst the hardship faced by the average consumer and worker”.

“Their increase in profits paints a false picture of an improving economy, but the truth is that some are simply lining their pockets at the expense of consumers and workers,” they added, also saying that average gross monthly earnings have decreased in real terms by 1.2 per cent in the last year.