HR & Labor
The minimum wage is 835 EUR first 6 months, 887 EUR after the 6 months.
The state contributes 4.3%.
The employer contributes 6.8% of regular wages.
The employee contributes 6.8% of regular wages. The salary ceiling is 1,025 EUR per week.
If the employee has been working up to 4 years in the company – they are entitled to two weeks’ pay for every 52 weeks of continuous employment. From 5 to 10 years, two and half weeks’ pay of 52 weeks of continuous employment. From 11 to 15 years of working in the company, three weeks’ pay of every 52 weeks of cautious employment. From 16 to 20 years of working in the company, three and half weeks of pay for every 52 weeks of continuous employment. From 21 to 25 years of employments, four weeks of pay for every 52 weeks of continuous work.
If employee has been working in the company from 26 to 51 weeks – he/she must give 1 week notice. From 52 to 259 weeks- 2 weeks’ notice and from 260 weeks on – 3 weeks notice.
Employer must give minimum notice to the employee. The minimum notice time depends how long the employee has been working: from 26 to 5 weeks – 1 week notice. From 52 to 103 weeks- 2 weeks notice. From 104 to 155 weeks – 4 weeks notice. From 156 to 207 weeks – 5 weeks notice. From 208 to 259 weeks – 6 weeks notice.
Employees are entitled to 26 weeks of sick leave.
There are 15 public holidays.
Employees are entitled to 22 days minimum paid vacation per year.
Expat can receive 50% remuneration from any employment in Cyprus if they have been working in Cyprus for up to 10 years and income exceeds 100,000EUR per year. They can also receive 20% or 8,550EUR remuneration and it lasts for 5 years. They can also receive additional benefits such as relocation allowance, accommodation benefits and education allowance for the children.
VAT is 19% standard rate.