Search
Close this search box.
Search
Close this search box.

National Minimum Wage in effect in Cyprus for the first time in January

The implementation of the National Minimum Wage starts from the first day of 2023, when the decree of the Minister of Labour and Social Insurance, Kyriacos Koushos is set to be in effect. The National Minimum Wage is set at €940, while for the first six months of the employment it is set at €885.

Forty thousand low income employees will substantially benefit from this development. From the National Minimum Wage professions related to shipping, domestic workers, farming and livestock are excluded. Persons receiving training for a degree or professional qualification are also excluded. Where an employer provides food or accommodation, it will be possible by an agreement between the parties to deduct from the cash amount 15% for food and 10% for accommodation. The employee will be able with 45 days’ notice to waive this part of the agreement.

Also, those who receive more favourable treatment through a customary contract or other decree are also excluded from the decree. If an employer has better benefits than those provided for in the decree, they will not be affected.

“I must say that there were significant differences between the employers’ side and the trade unions. Nevertheless, through discussions, we were able to reach a point of agreement. I thank them for their cooperation and the way they conducted the consultation,” Koushos had said.

The first adjustment of the National Minimum Wage will take place on 1.1.2024 and from there on every two years on the basis of concrete criteria.

Source: Cyprus News Agency