Employers’ organisations OEV and Keve came out of a meeting with the ministers of labour and finance on Wednesday “reservedly optimistic”, but cautioning there was still a long way to go before a comprehensive agreement on the cost-of-living allowance (CoLA) could be clinched.

Keve director general Philokypros Roussounides said it was likely that the two organisations may meet again to discuss CoLA and did not rule out a joint meeting of the social partners with the ministers, possibly on Friday.

Roussounides said Wednesday’s meeting focused on issues where convergences were possible, which could act as a foundation for further discussions.

“We remain reserved, however […] we remain dedicated to the social dialogue,” he added.

He refrained from going into detail, “because we are at a turning point”.

The employers had requested clarifications on a government proposal last week. Roussounides said some answers had been received and would be put to the councils of OEV and Keve on Thursday morning.

OEV director general Michalis Antoniou said: “we haven’t finished, there is still a long way to go.”

Referring to Thursday’s scheduled meeting between the two ministers and the trade unions, Antoniou said one should wait and see as the situation was still “fluid”.

“We acknowledge the responsibility we bear,” he said, recognising at the same time that “there is nothing yet that will determine the final outcome”.