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/
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