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31. 15.4% spike in public expenditure for 2024

In the 2024 Budget, there's a notable rise of EUR 0.5 billion in public personnel expenditure. According to the Council of Ministers' approved budget table for 2024, this marks a substantial increase of 496 million euros. In terms of percentages, this surge amounts to 15.4% compared to the personnel expenditure allocated for the public sector in 2023....

32. First Lady's assistant denied extra pay

A majority of the members of the Parliamentary Finance Committee approved the release of funds requested by the Presidency for salary payments, but the Committee unanimously rejected a separate request concerning overtime compensation for an employee temporarily assigned to the Presidency....

33. Greek workers toiling longer, earning less

Greeks work 41 hours a week, more than any other Europeans, but are paid less. Monthly salaries do not exceed 1,038 euros on average, according to the latest figures compiled by the Single Social Security Entity (EFKA), ...

34. 153 government employees face overtime probe

After the issue of overtime pay arose with Deputy Government Spokesperson Doxa Komodromou, all Presidential staff will come under the scrutiny of the Audit Service, including relatives and friends of the presidential couple, as reported by Philenews. ...

35. 90% winter flight schedule boosts tourism hopes

Airlines based in Cyprus are planning to operate 90% of their flights during the upcoming winter season, as revealed by Maria Kouroupi, the Director of Communications and Marketing at Hermes Airports, in an interview with "K." ...

36. Venice to charge €5 entry fee to tackle over-tourism

Venice will become the first city in the world to charge day-trippers an entry fee in a determined bid to curb mass tourism, its tourism chief announced yesterday....

37. Schools vulnerable to ransomware

The confidential documents stolen from schools and dumped online by ransomware gangs are raw, intimate, and graphic. They describe student sexual assaults, psychiatric hospitalizations, abusive parents, truancy — even suicide attempts....

38. Hourly labor costs in Cyprus rise by 5% in Q1 2023

According to provisional data released by the Statistical Service on Friday, hourly labor costs in Cyprus saw a 5% increase in the first quarter of 2023 compared to the same period the previous year....

39. 380 CYTA employees on the brink of departure

In an effort to further reduce operational expenses and renew its workforce, Cyta has implemented another voluntary employee exit plan, targeting individuals who meet specific conditions....

40. FinMin underlines the importance of disciplined policy

The contact circle with the banks has not been completed, and there will be a new one to adopt measures that will provide relief to borrowers regarding the increased interest rates....

41. Cyprus banks' strict adherence to sanctions worries legitimate entities

Banks have become cautious regarding sanctions imposed by the USA, EU, and UK, and they are not willing to take any risk in serving individuals or entities in Cyprus who are subject to sanctions....

42. BOC Chief urges sanctioned entities to seek exemptions themselves

The CEO of the Bank of Cyprus, Panicos Nicolaou, expressed the view that individuals and entities subject to sanctions should seek exemption from international authorities in order for banks to allow payments from frozen accounts to business entities....

43. Nicosia scrambles to ease sanctions burden

The Registrar of Companies will accept requests from service providers to replace sanctioned persons with other persons, according to reliable sources...

44. Unions and employers sign new transitional agreement on CoLA

Cyprus’ social partners (trade union and employers) on Friday signed, in the presence of the Minister of Labour and Social Insurance Yiannis Panayiotou, a new transitional agreement on the Cost-Of-Living Adjustment (CoLA) stipulating an increased allowance of 66.7% of last year’s inflation from the previous 50%....

45. Presidential assistants win legal battle for indefinite public sector employment

The Labor Disputes Court justified the four close associates of the former President of the Republic, Nicos Anastasiades, who were seeking permanent employment in the Public Sector under indefinite status....

46. Non-compliance with US sanctions bad says CBC Governor

No impact to financial stability has been recorded so far by the US and UK sanctions against Cypriot persons and entities for assisting Russian sanctioned nationals apart from Cyprus’ credibility, Governor of the Central Bank of Cyprus Constantinos Herodotou said on Wednesday, noting that non-compliance would pose 'very negative consequences to the economy'...

47. Kaili fights back after Politico report

MEP Eva Kaili, who has been indicted over her involvement in the “Qatargate” corruption scandal, has denied claims made in a Politico report that she is also facing another criminal investigation into fraudulent payments involving four former assistants in the European Parliament from 2014 to 2020...

48. MEP Eva Kaili also being investigated for fraud

In the wake of allegations that she was involved in the so-called Qatargate kickback scandal, Greek MEP Eva Kaili is also being investigated for misappropriating European Parliament funds, Politico has reported...

49. Cypriot hourly wages still below EU average

In 2022, the average hourly wages and salaries in the whole economy were estimated to be 15.6 euros in Cyprus, 22.9 euros in the EU and 25.5 euros in the euro area, according to data released by Eurostat, the statistical service of the EU. Compared with 2021, they increased by 7.5% in Cyprus, by 4.4% in the EU and by 4.0% in the euro area...

50. Minister of Labor to submit CoLA mediation proposal

Minister of Labour and Social Insurance Yiannis Panayiotou said on Friday he would submit a mediation proposal to the social partners (trade unions and employers) to reach an agreement on the issue of the Cost of Living Allowance (CoLA)....

51. Cyprus' hourly labor costs below EU average at 19.4 euros

The average hourly labor costs in Cyprus increased from €18 in 2021 to €19.4 in 2022, according to Eurostat. Hourly labor costs were the lowest in the EU in Bulgaria (€8.2) and Romania (€9.5), and highest in Luxembourg (€50.7), Denmark (€46.8) and Belgium (€43.5). ...

52. Why does the EAC block the installation of solar panels?

"The weaker the government, the stronger the bureaucracy," said the French anthropologist Gustave Le Bon. And he didn't say it by accident....

53. One in two Cypriots considers it easy to start a business

Approximately one in two Cypriots considers it easy to start a business in Cyprus, according to the Global Entrepreneurship Monitor (GEM) Cyprus Report 2021/2022...

54. Inflation sees downward trend for 7th month in a row

The cost of living in Cyprus has decreased for the seventh month in a row, with the rate of inflation dropping to 6.7% in February. This is down from a peak of 10.6% in July 2022. ...

55. Putin paying Palestinians $350 to fight in Ukraine, report says

The majority of the Palestinians being deployed to the frontlines in Ukraine hail from Ain al-Hilweh, the largest Palestine refugee camp in Lebanon....

56. 'K' reveals the salaries of N. Christodoulides and his ministers

Cyprus has been waiting since Monday for the names of the new Cabinet and the rest of the group of state officials who will take office. As President-elect Christodoulides continues to scout for his ministers, K's sources are saying that the new Cabinet will be firmly in place during the upcoming week, closer to the day of the 'changing of the guard' at the Presidential Palace....

57. Five foreign policy challenges for the new President

The eighth President of the Republic of Cyprus takes over, as of March 1, exactly where his predecessor, Nicos Anastasiades, left off: That is, at a critical international juncture, due to the war in Ukraine, and just before the crucial elections in Turkey and Greece ...

58. Companies laying off employees to hire new ones at lower salaries

Keri and other recruiters say that candidate offers are now much lower and look more like those from 2019 — before the pandemic kicked off the Great Resignation, before Big Tech went on a hiring spree, and before anyone had heard of "quiet quitting."...

59. Trendsetter company buys Cyprus’ most expensive property

The most expensive piece of real estate in Cyprus is off the market, following news that a global trading platform will buy the stunning beachfront property after a decade-long presence on the island...

60. Eva Kaili: From city council to city prison