Europe

MinFin: Cyprus ranks 9th in the EU for minimum wage

Cyprus is one of the top nine EU member states implementing a national minimum wage (NMW), the finance ministry said, with 22 member states now offering workers the minimum wage. They say they are institutionalizing their rewards.

Cyprus’ gross monthly minimum wage has been decided by the cabinet to be 940 euros from the first day of 2023, an amount the finance ministry said is a favorable amount given the country’s price level. .

“According to Eurostat data and the relevant analysis by the Statistics Office, when price level differences, i.e. the cost of living, are taken into account, the variation in the level of NMW has decreased significantly between EU Member States, with Cyprus still included in the Member States. It is pointed out that the NMW is high.

More specifically, the Ministry of Finance, taking into account the cost of living, states that using the Purchasing Power Standard (PPS), Cyprus’ NMW translates to €1,036 in PPS, resulting in Cyprus being included in the group of EU Member States. said. Monthly NMW over €1,000 in PPS.

“Purchasing power unit comparisons are important because countries with relatively low levels of prices/cost of living have high purchasing power of wages and vice versa,” it adds.

https://in-cyprus.philenews.com/news/local/minfin-cyprus-is-9th-in-the-eu-in-terms-of-minimum-wage/ MinFin: Cyprus ranks 9th in the EU for minimum wage

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