📣 The Federation of Independent Trade Unions’ Demands 📣
📢 The Federation of Independent Trade Unions (POASO) is demanding the full payment of the Cost of Living Allowance (ATA) and an increase in benefits. They believe that the consumption and retail sectors are making excessive profits while average consumers and wage-earners struggle.
💪 POASO, alongside other trade union organizations, is calling for action to address this disparity. They are advocating for these changes amidst the challenging economic landscape.
📍 Stay tuned to see how the government and employers respond to these demands! 💼💰💪
What are the Federation of Independent Trade Unions’ demands?
The Federation of Independent Trade Unions (POASO), alongside other trade union organizations, demands the full payment of the Cost of Living Allowance (ATA) and an increase in benefits. This call for action stems from the observed “excessive profitability” of the consumption and retail sectors, juxtaposed with the economic struggles of average consumers and wage-earners. They are advocating for these changes amidst the challenging economic landscape.
Trade Union Demand for Full Payment of ATA
The Federation of Independent Trade Unions (POASO) made headlines on Monday with a powerful announcement. In a united front alongside other trade union organizations, it called for the full payment of the Cost of Living Allowance (ATA) and an increase in benefits. This demand, they say, stems from the “excessive profitability” displayed by consumption and retail sectors, a stark contrast to the struggles of the average consumer and wage-earner.
The Consumption Sector’s Profit Surge
POASO, in conjunction with its members ASDYK, PASE-ATIK, PASE-DITA, PA.SY.NO, SEPAIK, SYALK, SY.V.AIK, and SY.M.A., highlighted in a press release that consumption sector companies are experiencing a significant financial upswing. The first half of 2023 saw these organizations reporting a “significant increase” in both turnover and profits, surpassing even their 2019 levels.
This surprising surge, they note, mirrors the rise in the price of goods and products due to inflationary pressures. It also aligns with claims of economic recovery and rising consumer sentiment, despite international challenges.
The press release quotes, “According to press reports, the profits of the seven companies in the sector that announced their financial results for the half-year amounted to €6.1 million, compared to €4.7 million in the first half of 2022, marking a huge increase of 29.1%.”
Retail’s Similar Trajectory
The retail sector has seen a corresponding boost. The press release points out, “A similar increase in consumption is also reflected in retail, where the volume turnover index increased by 7.4% in the first half of 2023 compared to the same period in 2022, and is up by 15.5% compared to the first half of 2019.”
Moreover, the Retail Trade Turnover Value Index showed an increase of 8.4% in June 2023 compared to the same month of the previous year.
POASO’s Observations and Conclusions
POASO’s press release draws attention to this glaring disparity, stating “The above data demonstrate the excessive profitability of both the consumption and retail sectors, in the midst of the plight of the average consumer and wage-earner.”
It continues, “Their profit increase reflects a fictitious improvement in the economy, but the truth is that some simply improve their pockets at the expense of consumers and wage earners.”
The official data presented by the Statistical Service on October 19, 2023, paints a clear picture. Although nominal monthly gross earnings have increased by 7.1% compared to the previous year, average monthly gross earnings have decreased by 1.2% after adjusting for inflation with the Consumer Price Index.
The Current Employee Wage Landscape
According to the Statistical Service, this is the first time since 2014 that there has been an annual decrease in real terms. It is further noted that the highest percentage of employees (15.4%) receive gross monthly earnings between €1,000 and €1,249. Meanwhile, 50% of employees receive salaries below €1,500.
The press release expresses concern for these workers, as they must cope with this income while dealing with inflation and the increase in loan interest rates. All this, while employers’ organizations resist the payment of the ATA, which, after five years of freezing, is being given at a reduced rate of 66.7%.
The Drive for Change
The organization makes a powerful statement, “Amid unprecedented accuracy and devastating inflation, companies in all sectors announce excessive profits, while the Government constantly announces surpluses.”
For this reason, POASO and its affiliated trade unions, along with other trade union organizations, are stepping up to demand the full payment of the ATA and an increase in benefits: a bold move in the face of a challenging economic landscape.
The Federation of Independent Trade Unions, along with other trade union organizations, is demanding that the Cost of Living Allowance (ATA) be fully paid and that benefits be increased. They believe that the consumption and retail sectors are making too much money while average consumers and workers are struggling. The trade unions are advocating for these changes because they think it’s unfair and want the government and employers to respond to their demands.