Ministry of Labor and Social Insurance

The Cypriot labor market has achieved its strongest performance in the past 15 years in 2024, driven by increased job creation, employment growth, reduced unemployment, and rising wages.

The Cypriot government aims to strengthen wage adequacy in line with European guidelines, with a focus on middle and low-income employees, the Ministry of Labor and Social Insurance said on Friday. 

Increases in the social security contributions of freelancers, the self-employed and farmers are expected to end up at between 3.9% and 4% on an annual basis for next year.

The Plenary of Cyprus' House of Representatives approved the supplementary state budget amounting to 361 million euros on Thursday, with criticism against the government's agreement for the purchase of the Metropolitan building in Nicosia, which will house the Ministry of Labor and Social Insurance.