Working people have lost 11.7 billion euros in incomes over the last decade

 

12 December 2023, AKEL C.C. Press Office, Nicosia

This year’s Economy and Employment Report for 2023 issued by the Cyprus Institute of Labour (INEK) of the Pancyprian Federation of Labour (PEO) confirms that the current developmental model cannot provide solutions to the modern challenges the Cyprus economy and society are facing.

The following key conclusions emerge from the Report:

1. The main conclusions point to an inadequate lag in investments in productive capital.
2. The overheating of the economy is being unfairly distributed and indeed to the detriment of labour.
3. Labour is devaluated.
4. The purchasing power of wages is decreasing.

Over the last decade alone working people have recorded a huge loss of income of 11.7 billion euros. The scarcity of the world of work has been translated into profits for capital.

It is obvious and scientifically substantiated that the heterogeneous redistribution of income cannot solve the problems of low productivity and cannot make the economy more competitive. On the contrary, it leads to the consolidation of income and social inequalities.

What is needed is a change of course and a shift in economic priorities on the basis of a developmental model that achieves a fairer sharing of the economic burden and ensures quality jobs with rights, dignified wages and pensions.

12.12.2023