Starting in 2024, a new minimum wage for full-time employees is determined in Cyprus. Over 25.000 employees will benefit from the new minimum age.
According to the decision:
1) Every employee who works full-time must receive an initial monthly wage of at least €1000 gross from 1st January 2024.
2) Employees who have not completed 6 months of continuous employment with the same employer, from January 1, 2024 must receive a monthly salary of at least €900 gross for full-time work, until completion 6 months of continuous employment.
3) The working hours of the employees must be those that were applied at the time that the decision came into force, as determined either by the collective agreement, or by a written agreement between the employer and the employee.
4) In the case of part-time employees, the minimum monthly salary is adjusted according to the working hours in relation to the full time mentioned above.
According to the above, employers and self-employed workers must be informed about the new legislation so that they are fully harmonized with the labour legislation.
You can read the announcement at the link below:
https://www.mlsi.gov.cy/mlsi/dlr/dlr.nsf/All/1BC7DC1FA85737B9C22586870039FD04?OpenDocument
In order to be up-to-date and fully compliant with the Department of Labour Relations regulations, N. Vorkas & Co provides the Payroll service so that this essential part of your business complies with the government’s orders and regulations.
We are here to give you the help you need.
Konstantina Vorka
Head of Human Resources and Payroll services
at N. Vorkas & Co Ltd