Cost-of-living adjustments should be capped at €6 weekly for the next five years, employers said, warning that more than half of companies will be impacted by this year’s expected increase. The Malta Employers Association on Tuesday suggested that a five-year maximum and minimum COLA adjustment should be set. This should come into force in 2024 and be a minimum of €2.50 weekly and a maximum of no more than €6 every week. Employers are bracing for the highest ever COLA adjustment as the war in Ukraine and the lingering COVID pandemic have sent prices through the roof. The COLA, awarded to all employees, is worked out on a formula that considers the prices of a basket of items and services, many of which have spiralled this year. It is paid by employers as part of their workers’ salary. Over the past 10 years, with inflation fairly stable, COLA hardly ever exceeded €4. This year and in 2020, the adjustment was of €1.75. Since 1990, it has only gone beyond the €5 mark on three occasions. Last month, Times of Malta reported that the cost-of-living adjustment is likely to approach €10 per week by the post-summer budget. On Tuesday, MEA head Joseph Farrugia said he wants to have...
