ECONOMY

Minimum wage to be set in Cyprus

minimum-wage-to-be-set-in-cyprus

Cyprus is expected to introduce a national minimum wage by the end of January 2022. According to information, the national minimum wage will be set at 45% to 60% of the national median salary in Cyprus, which is 1,573 euros per month. However, the exact percentage has yet to be determined and will be established in the coming days.

This means that at a rate of 45%, employers will need to pay a minimum of €707 per month. However, sources tell Kathimerini Cyprus that the percentage will most likely be between 55% and 60% of the national median salary because there are already nine professions in Cyprus that benefit from an institutionalized minimum wage of €870 per month.

Officials from the Cypriot Ministry of Labor, the International Labor Organization (ILO), the Ministry of Finance, trade unions and employers had been scheduled to meet during the first five days of this year to discuss the issue, but the meeting has been delayed due to the pandemic.

Minimum wages in the European Union vary considerably, from €312 in Bulgaria to €2,142 in Luxembourg. In Greece it has been increased 2% to €663 as of January 1.