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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.
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The government of Cyprus has updated its work rights for foreign students.
BAL Analysis: Authorities in Cyprus updated their work rights for foreign students with intent to safeguard their work rights while limiting access to the labor market.
IMPACT – HIGH
Cyprus has extended its initial travel and permit restrictions to mitigate the spread of COVID-19.
Analysis & Comments: Cyprus implemented travel and permit restrictions last month, which were initially in force until April 4. The response to COVID-19 continues to develop, and Deloitte will provide additional updates as information becomes available.
Rest of World Source: Deloitte. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Legal means the legal practices of Deloitte Touche Tohmatsu Limited member firms or their affiliates that provide legal services. For legal, regulatory and other reasons, not all member firms provide legal services. This includes Deloitte Tax LLP in the United States which does not provide legal and/or immigration advice or services. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.
Cyprus recently announced travel and permit restrictions to mitigate the spread of COVID-19.
Key points:
Additional information: Within Cyprus, a wide range of containment measures have been implemented, such as closing parks, playgrounds, athletic fields and spaces for open markets. Non-essential movement has been halted until April 13.
Analysis & Comments: The new travel and permit restrictions will impact the movement of people into Cyprus for the time being. Employers should account for affected travelers and rearrange travel schedules accordingly. Significant delays may occur for consular and in-country processing.
Rest of World Source: Deloitte. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Legal means the legal practices of Deloitte Touche Tohmatsu Limited member firms or their affiliates that provide legal services. For legal, regulatory and other reasons, not all member firms provide legal services. This includes Deloitte Tax LLP in the United States which does not provide legal and/or immigration advice or services. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication