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23 June, 2024
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Employers positive on minimum wage adjustment

Minimum wage set to rise, details unveiled


Employers express positivity towards a potential partial adjustment of the minimum wage in discussions led by OEB's General Director, Michalis Antoniou.

In an exclusive report to "SPOR FM 95.0" and "DIASPORA NEWS," Antoniou aims for a conclusive decision on this matter by the year's end.

Currently standing at 885 euros, with an increase to 940 euros after six months, questions arise about the possibility of further increments. Antoniou shares insights, stating that the OEB's proposal leans towards a modest recommendation, aligning with the economic boundaries.

He delves into the OEB's proactive efforts to design a comprehensive mechanism.

This mechanism, as Antoniou explains, will consider key elements outlined in the decree, such as inflation, productivity, economic growth, and unemployment figures.

The objective is to facilitate an upward movement of the minimum wage, mirroring the nation's overall performance and the robustness of the real economy. Keep an eye out for ongoing developments as the year progresses.

Cyprus  |  wage  |  salary  |  work

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