The new National Minimum Wage framework, despite being a base on which we can build for improvement, has significant shortcomings, resulting in it failing to protect the low-paid, while also failing to meet the country's real cost of living , says the National Network Against Poverty-Cyprus in a statement.
A key pillar of the minimum wage philosophy, it is added, is the protection against wage inequality and, by extension, the reduction of the number of workers who depend on social benefits. Working hours and working hours should, he continues, be determined, however, at the same time existing agreements between the social partners should be taken into account, such as for example the automatic price indexation (A.T.A.) and the collective employment contracts.
The correct formulation of the institutional framework of the national minimum wage, he concludes, will contribute to fair competition and therefore should be supported by businesses, while at the same time it will ensure greater stability and sustainability in the social security fund.
Source: KYPE