The government has set its sights on boosting wages, particularly for middle and low-income earners, in line with European standards, the Labour Ministry announced on Friday.
According to a statement from the ministry, the government is implementing a balanced and comprehensive approach to improve the quality of life, acknowledging both the societal needs and the country’s economic potential. This strategy is designed to address rising living costs and help offset inflation’s impact.
A key part of this policy is to provide targeted measures that protect vulnerable groups from the economic pressure of rising costs, while ensuring better pay for workers. The ministry emphasized that this approach aims to significantly reduce the burden of inflation.
One of the key developments in the government’s strategy is the increase in the national minimum wage, which has risen by 6.4%, from €940 to €1,000. In addition, a decree has been issued to raise the minimum wage for hotel employees by 7.12%, factoring in the Cost of Living Allowance (CoLA) adjustments for the past three years.
Source: cyprus-mail.com