The University of Cyprus’s 2024 budget has sparked discussions once again in the House Education Committee.
This time, the dialogue was enriched by the presence of the university’s rector and the general directors from the Finance and Education Ministries.
The move comes in response to previous concerns over potential financial mismanagement, with talks of a supplementary budget proposal exceeding €22 million being on the horizon.
The committee has expressed a desire for the involvement of Auditor General Odysseas Michaelides in future discussions.
In the salary department, the university’s top earner, a professor, commands an annual income nearing €197,000, split between a base salary of €97,400 and additional benefits tallying up to €99,500.
Close behind, two professors each enjoy yearly earnings of approximately €184,000, comprising €98,300 in salaries and €85,400 in extra remunerations. Other faculty salaries follow closely, with figures standing at €180,000 and €173,000, while the scale tips at €92,000 for the least-paid professor.
During the discussion, George Panteli, the Finance Ministry’s General Director, stressed that the imperative of adhering to budget caps by all institutions. He highlighted the university’s notification about the necessity for a supplementary budget and underscored the importance of self-financing initiatives.
Panteli assured that the proposed additional budget would undergo thorough examination upon submission. He also mentioned an ongoing review of an expert report, initiated by the Education Ministry, aimed at enhancing the university’s revenue streams through initiatives like tuition-based English-language programmes.
Echoing Panteli’s sentiments, Marina Ioannou Hasapi, the General Director of the Education Ministry, pointed out the ongoing efforts to modernise relevant legislation and acknowledged the existence of unavoidable expenses such as salaries and infrastructural projects.
She also unveiled plans for a strategic overhaul, which notably includes developing a branding strategy to elevate the university’s international profile, in collaboration with a global consulting firm.
