Overview

Capital
Nicosia
Currency
Euro
Date Format
dmy

Taxes

Employer
8.30% - Social Insurance
1.20% - Redundancy
0.50% - Training & Development
2.00% - Social Cohesion
Employee
8.30% - Social Insurance
0.00% - Up to 19,500
20.00% - 19,500 - 28,000
25.00% - 28,000 - 36,300
30.00% - Over 36,300

Minimum Wage

General
Currently there is no standard minimum wage. However, there are talks to implement one in the future.

Working Hours

General
Full time employment is considered 44 hours weekly, and 8 hours daily.

VAT

General
19% standard rate.

Mandatory Benefits

Pension Fund
Pension fund is included in conributions for social security.
Social Security
Social Security/Pension funds consists of a compulsory and voluntary funds. From January 1 2019, the compulsory fund includes contributions 0f 8.3% workers wages for both employer and employee with an additional 4.9% contribution by the consilodated fund of the Republic. The voluntary fund consists of 14% contribution from the employee with addion of 4.4% from the consolidated fund of the Republic. * Funds include: maternity grant and allowance, sickness beenfit, unemployment, old age pension, invalidity beneft, and employment injurt benefit. ** These figures are expected to remain until January 2024

Payroll

General
Salaries are paid either on weekly or monthly basis. For monthly basis, the payday is the last day of the month.

Termination

Termination Process
Employers must provide written notice in relation to their workers legnth of employment. * For 26-51 weeks of employment: 1 week of notice * 52-103 weeks: 2 weeks notice * 104 - 155 weeks: 4 weeks notice * 156 -207 weeks: 5 weeks notice * 208-259 weeks: 6 weeks notice * 208 - 259 weeks: 7 weeks notice * 260 - 311 weeks: 8 weeks notice
Advance Notice
Employees must provide notice in accordance to their length of employment: * 26-51 weeks: 1 week notice * 52 - 259 weeks: 2 weeks notice * 260 weeks or more: 3 weeks notice
Severance Pay
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 4 to 10 years, two and half weeks’ pay of 52 weeks of continuous employment. From 10 to 15 years of working in the company, three weeks’ pay of every 52 weeks of cautious employment. From 15 to 20 years of working in the company, three and half weeks of pay for every 52 weeks of continuous employment. From 20 to 25 years of employments, four weeks of pay for every 52 weeks of continuous work.