in-cyprus Lower labour costs in hotels and restaurants, according to survey

Lower labour costs in hotels and restaurants, according to survey

Accommodation and Food Service Activities have the lower labour cost, according to the results of the Labour Cost Survey (LCS) by the Statistical Service of Cyprus, with reference year 2016. The highest labour cost is recorded in Financial and Insurance Activities sector and Education.

According to the results of the Labour Cost Survey, with reference year 2016, the hourly cost (labour cost per hour worked) for the whole economy (excluding sections Agriculture, Forestry and Fishing, Activities of Households as Employers and Activities of Extraterritorial Organizations and Bodies) is €16,30.

Labour Cost

The hourly labour cost by economic activity exhibits large deviations. The lowest hourly labour cost is recorded in the sector of Accommodation and Food Service Activities, at €7,50, followed by €9,00 in the sector of the Administrative and Support Service Activities. The highest is recorded in the Education sector with €33,60, followed by the Financial and Insurance Activities sector with €28,00.

Annual and Monthly Labour Cost

The annual labour cost per employee in full-time units (FTU) without apprentices, in 2016 is €29.373 and the corresponding monthly cost is €2.448. The sector of Accommodation and food service activities has the lowest annual and monthly cost per employee with €15.711 and €1.309 respectively, while Financial and Insurance Activities sector has the highest among the economic activities with €46.968 and €3.914.

Components of Labour Cost

The total labour cost is composed mainly of Wages and Salaries (81%) and Employers’ Social Contributions (18,4%). Vocational Training, Other Expenditures paid by the employer and Taxes paid by the employer, comprise a minor part of the total costs.

Hours Worked and Hours Paid

The average hours actually worked by full-time employees per year range from 1.302 (Education) to 2.167 (Administrative and Support Service Activities). The average paid hours for full-time employees per year range from 1.684 (Education) to 2.330 (Administrative and support service activities).

(Cyprus News Agency)

Top Stories

President Anastasides to get the second dose of COVID-19 vaccine next Monday

Cyprus President, Nicos Anastasiades, will receive the second dose of the vaccine against COVID-19, next Monday at the Health Center of Latsia, according to...

Expert says milder version of pandemic likely to be present in 2022

Dr Constantinos Tsioutis, Assistant Professor, Internal Medicine & Infection Prevention and Control at the Department of Medicine of the European University Cyprus and head...

Spain’s COVID-19 incidence climbs above 500 cases per 100,000 people

Increased activity at hospitals and health centres near Madrid was seen on Friday (January 15) as Spain's coronavirus incidence as measured over the past...

Citizens chase burglar and send him to hospital

A 29-year-old man suspected of burglary in the commercial center of Paphos is currently being treated guarded at the Paphos General Hospital after civilians...

Finance Minister: new budget rejection to push Cyprus to default

A new rejection of the 2021 state budget could lead Cyprus to default on its payments, Minister of Finance Costantinos Petrides warned on Friday,...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...