Labor Minister discusses 'Cost of Living Allowance' for Cyprus

In an interview with Oriana Papantoniou, Minister of Labor and Social Insurance Yiannis Panayiotou highlighted the significant strides made during his first year in office, emphasizing a people-centric approach to governance. Panayiotou underscored achievements such as enhanced earnings for workers, improved working conditions, and expedited service delivery.

Addressing concerns over the sustainability of the Social Insurance Fund and the reform of the pension system, Panayiotou assured that measures would be taken to maintain fund stability while exploring avenues for increasing pension benefits without additional contribution hikes.

Regarding the contentious issue of ATA (Cost of Living Allowance or CoLA), Panayiotou dismissed exaggerated claims about its financial burden, citing manageable costs and positive economic indicators following its renewal.

Looking ahead to 2024, Panayiotou emphasized the pivotal role of pension system reform, with preparations underway to initiate necessary procedures. He reiterated the government's commitment to fostering economic growth and ensuring fiscal responsibility, acknowledging the collaborative efforts with Finance Minister Maki Keravnos.

In response to declining public approval ratings for President Christodoulides, Panayiotou expressed confidence in the government's ability to deliver tangible results, citing ongoing efforts to address societal needs and strengthen the economy.

Regarding party dynamics and potential coalition formations, Panayiotou emphasized the importance of cooperation among political forces to tackle national challenges effectively. He maintained a positive outlook on the future political landscape, emphasizing the need for unity and consensus-building.

Reflecting on his personal and professional relationship with President Christodoulides, Panayiotou commended the president's leadership qualities and shared vision for Cyprus' future. He reiterated his commitment to fulfilling his ministerial responsibilities and leaving his political future in the hands of the electorate.

As the interview concluded, Panayiotou affirmed his dedication to serving the government and the people of Cyprus, emphasizing his focus on current responsibilities rather than speculative political endeavors.

[This is a translated summary of the original Greek article published in Kathimerini's printed Sunday edition]