Insider Business Pay rises of 5.5% over the next four years in Cyprus’ hotel...

Pay rises of 5.5% over the next four years in Cyprus’ hotel industry

Forty eight hours after the collective agreement reached between the two sides in the Mediterranean island’s hotel industry and calculations are being carried out by both employers and employees.

The unions are trying to quantify the benefits of the deal while the hoteliers are calculating pay rises in their budgets and the overall cost to their businesses, according to insiders.

Salary returns of up to 7% are provided in the proposal by Labour Minister Zeta Emilianidou who brokered the deal. The resulting cost for hotel units exceeds 13%, while in some it can reach up to 20% even though the way hotel costs are calculated is puzzling.

However, both sides are waiting for the Minister’s written proposal which could be sent out to hotel associations today, so that costs are officially calculated. The unknown factor is the impact of the legalization of the minimum wage on payrolls. That is, which professions will be included in the minimum wage decree.

Insiders also told Phileleftheros that the cost for hotels over the next  four years from the collective agreement exceeds 13%. And that this rate is quite conservative since it does not take into account the cost of the minimum wage but also salary rises resulting from the integration of the unit ratio.

In the meantime, each hotel unit will be affected differently by the collective agreement. This is because some units already offer higher salaries, thus, they will be less affected than those giving out lower salaries.

From now on, hotel employees’ pay rises are at 7% – in percentage it is about 5.5% plus 2% due to the integration of the unit ratio. Salary returns will be gradual – 0.5% in 2019, 1% in 2020, 1.5% in 2021 and 2% in 2022.

 

Read more:

https://in-cyprus.com/pros-and-cons-of-deal-reached-between-unions-and-hoteliers/

 

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