Cyprus’ rich cultural heritage is largely attributed to its geographical location, making them the bridge between the eastern and the western countries. It is a popular tourism destination in the Mediterranean area and has been a major contributor to the country’s economy. The services sector alone makes up 74.1% of their GDP and has provided 72.9% of their working population with employment.
Nicosia, Limassol, Larnaca
Accountants, Dentist, Engineers, Nurses, IT developers
The top local universities with rank in Cyprus are as follows
Some of the common jobs with average monthly salaries in Cyprus are mentioned below;
|Job Title||Average Monthly Salary (EUR)||Average Monthly Salary (USD)|
|Business Development Manager||3,340||3533.67|
Payroll in Cyprus may be paid weekly or monthly.
The national minimum wage in Cyprus is EUR 940.
The standard working hours in Cyprus is 48 hours per week. Overtime pay is usually agreed upon between the employer and the employee and is not regulated by the law in Cyprus.
A 13th-month pay is not mandatory in Cyprus.
Cyprus has a comprehensive social security system that covers the following areas for participating employees:
|Type of Contribution||Rate|
|Industrial Training and Development||0.5%|
|Social Cohesion Fund||2%|
|General Healthcare System (GHS)||2.90%|
|Central Holiday Fund (if company is not exempted)||8%|
|Type of Contribution||Rate|
|General Healthcare System (GHS)||2.65%|
|Taxable Salary Range (in EUR)||Tax Rate||Accumulated Tax (in EUR)|
|0 – 19,500||0||0|
|19,501 – 28,000||20||1,700|
|28,001 – 36,300||25||3,775|
|36,301 – 60,000||30||10,885|
|60,001 and above||35|
The standard VAT rate in Cyprus is 19%.
The termination process in Cyprus is regulated by the Termination of Employment legislation of 1967. Dismissal of an employee may happen due to redundancy, resignation or misconduct.
In the case of termination due to misconduct, an employer will have a right to immediately dismiss the employee without any notice or compensation. Below are the following offences that the employee must have committed:
The notice period will vary depending on whether an employee is under probation or not. For those under probation, notice period ranges from 1 to 3 weeks. For those outside probation, notice period will be 1 to 8 weeks.
Employees terminated due to redundancy are eligible to receive compensation if they have served 104 weeks of continuous service with the company. The funds for this payment is taken from the redundancy fund that the employer contributes to each payroll period. Below is the statutory compensation:
|Years of continued service||Notice period|
|Up to 4 years||2 weeks’ wages for each year of continued employment|
|5 to 10 years||2.5 weeks’ wages for each year of continued employment|
|11 to 15 years||3 weeks’ wages for each year of continued employment|
|16 to 20 years||3.5 weeks’ wages for each year of continued employment|
|21 to 25 years||4 weeks’ wages for each year of continued employment|
For foreigners intending to work in Cyprus, they must accomplish and apply for the following documents:
However, there is an exception for employees working in shops and retail. Below are the corresponding pay they are eligible to receive when having an overtime.
|Type of Overtime||Overtime pay|
|Scheduled time offs, Holidays and Sundays||200%|