Insider Economy National minimum wage when unemployment is around 5%

National minimum wage when unemployment is around 5%

The Cabinet decided on Wednesday to start social dialogue for the implementation of the national minimum wage in Cyprus when full employment is reached, namely when unemployment is around 5%.

As Deputy Government Spokesman Panayiotis Sentonas said after the meeting, the Cabinet reaffirmed the position of the Government, which was included in the government program of the President of the Republic, to start a social dialogue for the implementation of the national minimum wage when full employment conditions are reached.

He added that the Ministry of Labour, Welfare and Social Security has completed all relevant studies on the issue. As he said the relevant studies include the ways of introduction of the national minimum wage and quantitative surveys of the effects on the labour market, the social policy, but also on other aspects of the economy. The studies also include, as he said, evaluation mechanisms for regular adjusting of the minimum wage.

Sentonas noted that as a consequence of COVID-19 pandemic employment conditions have deteriorated, saying that while before the pandemic unemployment was at 6%, which was very close to full employment conditions, today, based on the latest data unemployment had risen to 8% mainly due to the severe blow to the tourism sector.

He added however that with the new decision of the Cabinet, the Government reaffirms its position and will start the social dialogue for the implementation of the national minimum wage when full employment conditions are achieved, meaning when unemployment is around 5%.

(CNA)

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