Cyprus is among the top nine EU countries that enforce a national minimum wage (NMW), says the Ministry of Finance, which notes that currently, 22 member states have institutionalized the minimum amount of remuneration for workers.
The monthly gross national minimum wage in Cyprus has been set by a Cabinet's decree at €940, starting from the first day of 2023, and the Ministry of Finance points out that this is a favorable amount, taking to account the price levels of the country.
"According to Eurostat data and relevant analysis by the Statistical Service, taking into account the differences in price levels, i.e. the cost of living, the variation in the level of NMW is significantly reduced between EU member states and Cyprus continues to be among the countries with a high NMW", it is noted.
More specifically, the Ministry of Finance says that taking into account the cost of living, using the purchasing power standard (PPS), the NMW of Cyprus is converted to €1,036 in PPS and, as a result, Cyprus is in the group of EU Member States with a monthly NMW of more than € 1,000 in PPS.
"The comparison in purchasing power units is important because in countries with comparatively lower price/cost of living levels, the purchasing power of wages is higher and vice versa," it is added.