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12° Nicosia,
20 May, 2024
 

Cyprus' national minimum wage takes effect on first day of 2023

The National Minimum Wage is set at €940

Source: CNA

The National Minimum Wage will go into effect on January 1, 2023, according to a decree issued by the Minister of Labour and Social Insurance, Kyriacos Koushos. The National Minimum Wage is set at €940, however, for the first six months of employment, it will be set at €885.

This development will significantly benefit 40.000 low-income workers. Domestic workers, farmers, and livestock owners are exempt from the National Minimum Wage. People who are enrolled in courses to earn a degree or a professional credential are also not included. An agreement between the parties will make it possible to deduct 15% for food and 10% for lodging from the cash amount in cases where the employer provides either. The employee may opt-out of this clause of the contract with 45 days' notice.

Additionally, the decree does not apply to those who are given preferential treatment under a customary contract or other rules. A company's benefits will not be impacted if they are better than those listed in the decree.

"I must say that there were significant differences between the employers' side and the trade unions, but we were able to reach an agreement through discussions, and I thank them for their cooperation and the way they conducted the consultation," Koushos had said.

The National Minimum Wage will be adjusted for the first time on January 1, 2024, and then every two years based on concrete criteria.

TAGS
Cyprus  |  labor  |  wages  |  inflation

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