The upcoming elections will halt various developments, including those related to labour issues. Despite important pending matters such as collective agreements renewal and measures against undeclared labour, decisions will be delayed until after the elections. However, a preview of upcoming developments will be presented at the ILO Assembly in Geneva, attended by trade union heads, employer organizations, and the Minister of Labour.
The Fiscal Council has warned that state borrowing from the Social Insurance Fund has reached critical levels, with the government owing over €10 billion to the fund. This borrowing threatens public finances and could lead to pressure on the state budget. The Council suggests reducing the state’s debt to the fund and revising the investment policy to achieve higher returns. The study also recommends increasing the percentage of assets invested in non-government securities to diversify the portfolio.
Labour Minister Giannis Panagiotou has proposed a collaborative approach to licensing foreign workers to bridge the gap between trade unions and employer organisations. The proposal includes upgrading the Monitoring Committee to involve all stakeholders, providing real-time updates to social partners, and retaining the Ministry of Labour’s authority to approve or reject applications. Trade unions have been critical of the current strategy and are expected to react to the proposal early next week, which will determine if an agreement can be reached.