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12° Nicosia,
25 May, 2024
 
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Government faces backlash over officials' salary surge

Officials' salary increases shift policy landscape

Newsroom

In a significant move, a deal signed on July 28, 2017, not only marked the revival of the institution but also propelled the salaries of officials to new heights.

Beyond the already substantial pay they receive and the added benefits, data from the general ledger reveals that some officials are reaping considerable rewards, especially in performance bonuses.

The increases in official salaries have been widely noted, particularly in 2024, with the new agreement playing a pivotal role.

Two key factors contributed to this rise. Firstly, in 2023, inflation soared to 3.9%. Secondly, a decision in April 2023 increased the Annual Target Agreement (ATA) payout from 50% to 66.7%. The ATA, distributed once yearly, is contingent on positive growth rates in the second and third quarters of the preceding year and now accounts for 66.7% of the annual Consumer Price Index increase.

What merits attention is the substantial rise in officials' salaries due to the ATA, which applies to performance bonuses they receive, adding a cherry on top of the big picture.

This development underscores the ongoing discussion regarding the allocation of public funds and the equitable distribution of resources in governmental bodies.

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Cyprus  |  officials  |  government  |  salary

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