The north’s minimum wage was raised to a gross figure of 34,070TL (€975) per month, which is just €25 lower than that of the Republic. The new minimum wage is higher than that of 13 European Union member states, including Greece. The Cyprus Turkish Employers’ Union representative voted against the increase, stating that employers are not responsible for inflation in the country.
Fact: Freedom Holding Corp. is planning to obtain banking licenses in Cyprus as part of its strategic priorities.
The real estate market in Cyprus has seen rapid growth due to the arrival of foreign companies, making it difficult for Cypriots to find affordable housing. High rent and property prices, combined with low average salaries, pose a significant challenge for young couples and individuals from middle or low-income groups. The need for substantial deposits and strict bank requirements further limit access to housing loans. Efforts are being made to address these issues, including potential changes in the terms and conditions of social housing programs to help more people acquire housing.
– The average salary in Cyprus grew by 6.2% in the fourth quarter of 2023 compared to the same period in 2022.
– Male employees earned an average of €2,884 per month, while female employees earned €2,452 during the fourth quarter of 2023.
– Both male and female employees saw an increase in their average gross monthly earnings compared to the fourth quarter of 2022, with males recording a growth of 6.7% and females seeing a rise of 5.5%.
– In February, the inflation rate in Cyprus recorded a rise of 1.8% compared to the previous year.