Minister of Finance, Makis Keravnos expressed the government position in favor of continuing with the provision of the cost of living allowance (COLA), and noted its commitment to the implementation of an economic policy within the framework of strict fiscal discipline and financial stability.

Keravnos was addressing a delegation from the Board of Directors of the Cyprus Employers and Industrialists Federation (OEB), as part of a formal meeting at the Ministry of Finance.

According to a statement from the Ministry of Finance, during the meeting, views were exchanged on economic issues in general, as well as on specific issues that concern OEB, such as COLA, the minimum wage and the employment of foreign workers. Also, issues related to the enforcement of green taxation and tax restructuring, the shipping industry and the construction industry were raised on the part of OEB, in relation to the conditions that are emerging in the international economic environment.

The Minister of Finance thanked the President and the members of the OEB delegation for the meeting, and invited OEB to participate constructively in the dialogue conducted by the Minister of Labour to settle the COLA issue, noting that he is in constant contact and cooperation with the Minister of Labour. Keravnos assured the President of OEB, that the Ministry of Finance will continue the cooperation with the Federation to exchange opinions and proposals, concerning the economy and its individual branches.