CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION
CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION

Cost of Living Allowance (COLA) – Final figures for 2019

The Cyprus Employers & Industrialists Federation (OEB) informs all members that adjust salaries based on the change in the Cost Of Living Allowance (COLA) for the following:

  1. The Consumer Price Index (excluding excise taxes) for the year 2019 recorded an increase of 0.46%.

 

  1. According to the transitional agreement on COLA, which was signed on the 28th July 2017 by the Social Partners, salaries are adjusted by 50% of the annual Index increase. Therefore, the increase for 2019 is 0.23%.

 

  1. As a result, COLA as of 01/01/2020 amounts to 1,27% on the new salaries, as these were formed through the above transitional arrangement.

 

Example:

Salary before 01/01/2018 COLA calculation for 2017 COLA calculation

for 2018

COLA calculation

for 2019

€ 1500 1500 * 0,28% =

€ 4,20

1500 * (0,28 + 0,76)% = € 15,60 1500 * (0,28 + 0,76 + 0,23)% = € 19,05
Salary as of 01/01/2018 Salary as of 01/01/2019 Salary as of

01/01/2020

1500 + 4,2 =

€ 1504,20

1500 + 15,60 =

€ 1515,60

1500 + 19,05 =

€ 1519,05

 

Please note that the above example does not account for any general increases and / or increments granted during the period 2018-2019.

 

For any clarifications, please contact OEB’s Industrial Relations & Social Policy Department at 22-665102.