The new minimum wage will be devised “according to society’s needs and the economy’s potential”, Labour Minister Yiannis Panayiotou said on Monday.

A new minimum wage is set to come into effect on January 1, and Panayiotou was discussing the matter with the Labour Advisory Body.

He said he would aim to form a discussion framework between stakeholders for the minimum wage to be determined and said that through this framework “it will be possible to determine the limits within which the minimum wage will be determined during our government’s term.”

Speaking regarding his current conversations with stakeholders, he said there are “discrepancies” between the positions of trade unions and employers’ organisations but noted that they are not “prohibitive to the formation of a framework”.

He also spoke on the matter of the actuarial adjustment for early retirees, saying that the discussions regarding a potential reduction of the 12 per cent drop in pension payments for those who retire before the age of 65 are ongoing, with the aim of finding a resolution by the end of January.

Additionally, he said a bill expanding social insurance coverage for the self-employed has been prepared. Should the bill pass through parliament, self-employed people will be entitled to social insurance payments for parental leave and benefits due to accidents at work.