The government issues good wishes to workers whilst distributing millions to the wealthy

Statement by AKEL Political Bureau member and Head of AKEL’s Economic Policy Haris Polycarpou

29 January 2026, AKEL C.C. Press Office, Nicosia

In Cyprus, one in three of our fellow citizens lives on less than €1,500 gross, while the price of food, basic necessities, rent, electricity, and fuel have risen sharply in recent years. The N. Christodoulides government — along with the parties that support it — and DISY party have intentionally marginalized these people, while issuing good wishes to workers and distributing millions to the wealthy.

The government ruling forces have financially supported accumulated wealth through generous tax breaks. They gave millions to the banks by voting against AKEL’s bill proposal to tax the banks’ exorbitant profits. Even today they continue to protect powerful financial interests by refusing to take measures to support the implementation of collective agreements.

For AKEL, the interests of society come before powerful economic interests – not in words but in deeds.

AKEL does so through legislative proposals to reduce indirect taxes, such as the VAT on electricity, in order to strengthen the purchasing power of these people’s wages. Through a proposal to tax bank super profits in order to raise money to help our poorest fellow citizens meet their housing needs. It does through assertions for the extension of collective agreements to all working people and for a dignified minimum wage and pensions.

For us, this is responsible economic policy for society.