Minimum wage increased to €840

THE MINIMUM wage is being increased to €887 from €840 effective from Thursday, the Labour Advisory Committee announced yesterday.

Final approval for the 5.6 per cent increase, which will bring the minimum wage to 50 per cent of the average national wage, rests with the Cabinet.

“The minimum wage, I would like to underline, is a tool which affects the most susceptible sectors of the employed population, and one which we intend to utilise in a correct manner,” said Labour Minister Sotiroula Charalambous after the meeting.

The minimum wage, for employees who have been at their place of employment for over six months, is currently fixed at €840. This will go to €887.

The minimum wage for new employees, who have been working at their place of employment for less than six months, and which currently stands at €791, is set to be increased to €835.

The measure drew sharp criticism from employers’ organisations, who said it would “create market distortions” and impact negatively on industry.

(The Cyprus Mail)