costs

Cyprus hourly labour cost rises by 5.4 per cent in fourth quarter

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Cyprus hourly labour cost rises by 5.4 per cent in fourth quarter

Cyprus experienced a 5.4% increase in hourly labour costs during the fourth quarter of 2023 compared to the same period in 2022, as reported by the Cyprus Statistical Service. This increase includes a 5.6% rise in monthly wages and salaries per hour worked and a 4.6% increase in non-wage cost per hour worked. Additionally, the seasonally adjusted hourly labour cost went up by 1.2% from the previous quarter, with the component attributed to monthly wages and daily salaries rising by 1.3% and the non-wage hourly cost, adjusted for seasonal fluctuations, increasing by 0.8%.

Our View: Finally something positive to say about LNG plant

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Our View: Finally something positive to say about LNG plant

The government and the CPP-Metron Consortium Ltd (CMC), contracted for the construction and operation of the Vasiliko LNG terminal, have mended their relationship after previously heading towards a costly separation. Energy Minister George Papanastasiou had considered terminating the contract with CMC due to their work stoppage at Vasiliko since the end of January and a €200 million claim against Cyprus at a London arbitration court for higher costs and alleged failure by the project manager, Etyfa, to fulfill its obligations. A meeting between CMC representatives and Papanastasiou resolved differences, and President Nikos Christodoulides subsequently inspected the project site. CMC expressed gratitude for the meeting, highlighting prior unaddressed meeting requests with Etyfa. The energy ministry will now directly manage the project, sidelining Etyfa due to its inadequate response and unclear project instructions, and will establish a body for project monitoring and a group for dispute resolution. The financial disputes remain unresolved but will be addressed by Defa and Etyfa, who had signed the contracts with CMC. The project is set to proceed, with CMC bringing in 120 workers from China with the necessary expertise, aiming for completion by the end of the year.

‘The elderly’s problems are not government’s priority’

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‘The elderly’s problems are not government’s priority’

– House Labour committee chairman and Akel MP Andreas Kafkalias claimed that the problems of the elderly are not a priority for the government.
– Issues discussed six years ago regarding services for the elderly have not been addressed by the government.
– The institutional care allowance for the elderly is €750 per month, while the costs often exceed €1,400 per month.
– The implementation of “red buttons” in elderly people’s homes for emergency assistance has been pending since 2019, with no updates provided to the committee.
– The social welfare deputy minister will be questioned about pension payments in a forthcoming committee meeting.
– Disy MP Fotini Tsiridou emphasized the urgency of addressing elderly issues and mentioned the significant increase in car insurance premiums for drivers over 70.
– The low-income pensioners’ allowance was increased by five percent, resulting in an increase of three to eleven euros for most, which is considered insufficient.

New buses for Kormakitis, Karpasia

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New buses for Kormakitis, Karpasia

The Council of Ministers approved the purchase of two new buses to serve the transportation needs of the communities in Rizokarpaso, Kormakitis, and Karpasia. This decision was made in response to a request highlighting the urgent need for new buses in these areas. The buses, with seating capacities of 30 for Kormakitis and Karpasia and 50 for Rizokarpaso, are expected to be operational within the next 18-20 months. They aim to facilitate access to hospitals and meet other transportation needs of internally displaced persons. The acquisition was prompted by the unsustainable maintenance and repair costs of the existing fleet.

Hourly labour costs increase by 5.4%

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Hourly labour costs increase by 5.4%

– The hourly labor cost in Cyprus increased by 5.4% in the fourth quarter of 2023 compared to the same quarter of the previous year.
– The components of labor cost, wages and salaries per hour worked, increased by 5.6%, and non-wage costs per hour worked increased by 4.6% compared to the corresponding quarter of the previous year.
– Seasonally adjusted, the hourly labor cost increased by 1.2%, wages and salaries by 1.3%, and non-wage costs by 0.8% compared to the previous quarter.
– The Labor Cost Index is a major European economic indicator used to assess inflationary pressures from labor market developments.