Unhedged podcast episode: ‘The billionaires’ tax’[MUSIC PLAYING]Robert ArmstrongThe G20 group, which represents the world’s largest economies, is discussing a billionaires’ tax for the first time. Today on the show, why are the very, very rich so very, very rich? Is it a problem and what should we do about it? This is Unhedged, the finance … Read more
The government balance in Cyprus for January-April 2024 had a surplus of €665.2 million, almost double compared to the same period in 2023. This surplus was due to an increase in revenues outpacing expenditures, giving the Government more flexibility in its social policy.
Experts gathered in Nicosia to discuss strategies for enhancing the economic and digital inclusion of women, highlighting the persistent stereotypes that hinder women’s access to education in STEM fields.
Illegal and undeclared work in Cyprus is a growing trend, particularly in the construction industry, where it is approaching 25%. The Cyprus economy relies on employing people other than Cypriots, but this needs to be done with appropriate regulations. Third country personnel are attracted through illegal procedures in the promise of a job. The construction sector contributes about 15% to the island’s GDP, with optimistic forecasts for 2024. There are currently 40 projects underway in the construction sector worth €862 million.
The upcoming elections will halt various developments, including those related to labour issues. Despite important pending matters such as collective agreements renewal and measures against undeclared labour, decisions will be delayed until after the elections. However, a preview of upcoming developments will be presented at the ILO Assembly in Geneva, attended by trade union heads, employer organizations, and the Minister of Labour.
– Around eight per cent of the workforce, or 40,000 people, are illegally employed in Cyprus, resulting in a loss of revenue to the social insurance fund of €10 million a year.
– The government has approved a plan to strengthen measures to combat undeclared work, including implementing a system of extra-judicial fines for employers.
– The fine for each instance of undeclared work will increase from €500 to €1,000 and will be doubled in the event of a future offence by the same employer.
– Authorities will increase the number of inspections to target specific work sites and times, and there will be increased coordinated inspections between different departments.
– The government will conduct an outreach campaign for third-country nationals legally in Cyprus who are not identified as legal workers.
– The government will investigate employers of undeclared workers for links to people-smugglers.
– Legislative changes will be submitted to the House, including the creation of a digital census of all employees and liability for main contractors and subcontractors in cases of undeclared work.