State-owned insurer VHI will not be subject to the new higher 15 per cent corporate tax rate until January 1st, 2029 due to an exemption in the legislation for large-scale domestic companies with no international activity, according to the company’s annual report.Under legislation introduced last year, the State’s 12.5 per cent tax rate increased to … Read more
British employers expect to raise wages by 4 per cent over the coming 12 months, according to a survey by the Chartered Institute of Personnel and Development.
Almost half of British firms plan to raise their prices over the coming year as they struggle with high wage bills, according to a survey by the British Chambers of Commerce.
The hourly labour cost in Cyprus rose to €20.1 in 2023, compared to €19 in 2022. The hourly labour cost in Greece was €15.7 in 2023, among the lowest in the EU. The lowest hourly labour cost is in Bulgaria at €9.3, and the highest is in Luxembourg at €53.9. In the EU, the hourly labour cost in the industry sector was €32.2 in 2023, and in the construction sector, it was €28.5. The hourly labour cost across the entire economy increased by 5.3% in the EU and by 4.8% in the Eurozone in 2023 compared to 2022. The largest increases were recorded in Croatia, Lithuania, and Estonia. The share of non-wage costs in the total labour cost for the entire economy was 24.7% in the EU and 25.5% in the Eurozone.
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%.