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IMPACT — MEDIUM
The government of Cyprus announced that it will increase its national minimum wage in January 2023.
Key Points:
Additional Information: The minimum wage is relevant to all workers in Cyprus, whose wages cannot be lower than the minimum wage. Foreign workers must be paid above the minimum wage.
BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimums into account when planning their 2023 budgets.
This alert has been provided by the BAL Global Practice Group. For additional information, please contact berryapplemanleiden@bal.com.
Copyright © 2022 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries, please contact copyright@bal.com.
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