Cyprus - Agreement on the return of the cost of living allowance - August 31, 2017

Trade unions and employers signed an agreement that leads to the return of the cost of living allowance (Cola) after being frozen for 5 years as part of austerity measures introduced as the country sought a bailout. Cola will be reintroduced on 1 January 2018 for a three-year transition period pending a permanent arrangement. The deal provides that Cola will be added to the salary once a year, provided the economy showed growth in the second and third quarters of the previous year. The allowance will represent 50% of the annual rise in the consumer price index, and it will be incorporated into basic salaries. Salaries will not be reduced in the event of deflation and if conditions for its payment are not met it will be frozen.

English: http://cyprus-mail.com/2017/07/28/deal-signed-return-cost-living-allowance/ 

http://in-cyprus.com/peo-and-oeb-accept-labour-ministers-cola-proposal/

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Willy De Backer wdebacker@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.

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