In a decisive move aimed at addressing economic concerns and aligning with the prevailing inflationary pressures, the Council of Ministers has issued a groundbreaking decree heralding a revision of the National Minimum Wage (NMW). The new Government decree for the revision of the NMW was made on December 20, 2023. According to it, the minimum wage for full-time employment with the same employer up to 6 months from 01/01/2024, increases from €885 to €900 gross and after completing 6 months of full-time and continuous employment with the same employer, from €940 increase to €1000 gross.
The trade unions in Cyprus expressed their satisfaction with the increases as the inflation of the last year has caused discomfort in the consumer's basket.
Finally, it is noted that the revision of the NMW in Cyprus will affect approximately 20,000 – 25,000 private sector workers as well as some hourly public sector workers. Essentially, these are workers with limited specialization whose salary increase is defined exclusively by decrees of the Cypriot government.
As Cyprus navigates the economic landscape with resilience and foresight, this revised NMW stands as a beacon of progress, reflecting a commitment to equitable remuneration and the overall well-being of the workforce.
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