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16 June, 2024
 
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The big decision: Minister's plan for wage boost

Is the national minimum wage crossing €1,000?

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In a recent Labour Advisory Body session, Minister Yiannis Panayiotou remained tight-lipped about the upcoming announcement on the national minimum wage.

As Philenews reports, while engaging with trade unions and employers' associations, he refrained from disclosing specifics but hinted at discussions with key officials.

Panayiotou plans to submit the draft decree to the Cabinet today, with expectations of shedding light on the government's decision-making rationale post-meeting. Speculations suggest the new minimum wage may hover around or slightly below €1,000 after six months of continuous employment, compared to the current €940.

Acknowledging the psychological impact of the €1,000 threshold, the Minister recognizes the nuanced positions among stakeholders. Some advocate for a wage slightly exceeding €1,000, while others argue for a figure just below.

Sources hint that government-appointed technocrats lean towards recommending a minimum wage between €987 and €1,004, with a marginal 0.5% deviation. Notably, the government shows reluctance in revising the decree linking wage payments with working hours at this juncture.

Panayiotou assures social partners of ongoing communication and vows to discuss intricacies like hourly payment and working hours in subsequent deliberations. The commitment to mutual respect within tripartite social cooperation remains a priority.

With the national minimum wage in effect since January 1, 2023, at €940 (€885 for the first six months), the looming decision holds significance for both employers and employees.

[With information sourced from Philenews]

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Cyprus  |  wage  |  minister  |  work  |  government

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