Insider Economy Redundancies abating in Cyprus

Redundancies abating in Cyprus

The Cyprus state will pay over €0.5 billion in redundancies by end of 2020, according to figures obtained by Phileleftheros.

This expenditure piled up over the last decade – from 2010 to 2020. In fact, it is estimated that over 55,000 employees were made redundant before the end of 2019.

In 2020, the state is expected to pay €27.4 million for redundancies, according to the Ministry of Labour’s budget. Data analysis also shows that, as of 2016, redundancy funds decreased due to a fall in the number of employees made redundant.

At the time of the island’s deep financial crisis, the number of redundant staff was almost double with the state having to pay over €100 million in redundancies within a year.

Specifically, redundancy payments are estimated to have exceeded €27 million in 2019. In 2018, the state handed out €25.4 million to redundant employees. This was essentially at 1999 levels.

In addition, the state allocated €28.1 million in 2017 for redundancies, €52 million in 2016 and €49 million in 2015. In 2014, €99.5 million was paid put and €88.5 million in 2013.

Increased amounts were also handed out in 2012, amounting to €54.4 million. In 2011, the amount paid was €30.8 million and another €27.8 million in 2010.

At the same time in 2012, the maximum amount the state paid out was €51,605 and €50,449 in 201. As for  2010, the maximum amount was €48,990, in 2009 it was €46,529 and € 44,529 in 2008.

Under the law on employment termination, the maximum amount of pay is calculated based on the maximum number of weeks of compensation which is 75.5% of the maximum weekly amount of pay taken into account. This is four times the weekly amount of basic insurable salaries.

In addition, under the Social Security Act, redundancy funds are paid to employees who have been under the same employer for 104 weeks before their retirement age.

The amount of payment is proportional to the time of continuous employment and corresponds to three weeks per consecutive year of work.

Redundancy funds are made available three months after the employment termination.

 

Read more:

https://in-cyprus.com/high-compensation-packages-for-new-boc-redundancies/

 

 

 

Top Stories

Concern over rise of covid hospital cases to 38, four critical-new infections over 100

  The Health Ministry today announced 113 new COVID-19 cases, out of 3,112 diagnostic tests, taking confirmed infections to 3,930. The health ministry has expressed concern...

Germany to go into circuit-break lockdown as virus cases surge

  Germany will impose an emergency month-long lockdown that includes the closure of restaurants, gyms and theatres to reverse a spike in coronavirus cases that...

1547-Highest ever number of new covid cases in Greece-deaths on the rise

  Greece recorded one thousand five hundred and forty seven new coronavirus  cases over the past 24 hours, the highest ever number since the start...

Huge 8500 euro fine for unmarked tobacco products

  A twenty nine year old was fined 8 and a half thousand euro for unmarked tobacco products that were discovered by police at his...

Ankara provocatively announces Varosha works, as Turkish minister illegally visits

  Turkey's Environment and Urban Planning minister Murat Kurum, illegally visited the fenced off city of Famagusta, accompanied by a delegation, the latest in a...

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...