Hiring employees in Cyprus
Payroll Services Cyprus
Streamline your business by choosing Outsourced Payroll Services in Cyprus through PeoplePay Global. Our team of trained experts are here to ensure accurate and compliant payroll management, to reduce administrative burdens and allow your company to grow.
Our services cover everything from Payslips, Salary Calculations, PAYE (Pay As You Earn) and Social Insurance Contributions, making running your business as simple as possible. We ensure that each of our specialists is kept up to date with the latest local Labour Laws to provide peace of mind that your business is staying compliant.
Start your journey to simple payroll management today, and focus on growing a successful business in the Cypriot market.
Cypriot Payroll Services
Optimise your business management by Outsourcing Payroll in Cyprus through PeoplePay Global, to find ways to stay compliant with Local Labour Laws and have extra time to focus on the growth of your business.
Our experts focus on everything from Salary Calculations, PAYE (Pay As You Earn), Payslips and Social Insurance Contributions, to provide simple solutions to administrative stress. By trusting our specialists, you will be assured that you have a reliable and efficient team that can minimise any costly errors or late filings.
At PeoplePay Global, we ensure compliance with all changes in local Labour Laws, whilst delivering accurate, timely payments that build trust with your employees. Whether you employ a small team or a larger workforce, we can manage your payroll with care, tailored to your every need.
Take the next step in a successful business today with PeoplePay Global Cyprus and leave the maintenance of payroll management to us.
Since 1st January 2024, the national minimum wage for the first 6 months of employment is €900. This rises to 1,000 after 6 months of employment.
Personal income tax in Cyprus is calculated on a progressive scale as follows:
- Up to €19,500: 0%
- €19,501–€28,000: 20%
- €28,001–€36,300: 25%
- €36,301–€60,000: 30%
- Over €60,000: 35%
For more information on other tax rates and allowances in Cyprus, please get in touch to discuss your specific requirements.
In Cyprus, employers are not required to provide a private pension scheme, however, the Social Insurance contribution is mandatory for both employees and employers, at a rate of 8.8% of an employee’s gross monthly earnings each.
Employers are required to pay additional funds. For more information on employer contributions, please contact us.
The standard working hours in Cyprus are typically 40 hours per week spread over 5 days, although this can range from 38 to 48 hours depending on the sector or industry.
The average weekly working hours are capped at 48 per week over a 4-month period.
Employee’s leave consists of several types:
- Statutory time off or paid leave, which is 4 weeks, or 20 working days, per year for full-time employees working a five-day week
- Public holidays (there are 13 public holidays per year in Cyprus)
- Maternity, Paternity and Special leave
- Sick leave
In Cyprus, employers must have a valid reason for termination, such as:
- Redundancy
- Employee misconduct
- Poor performance
Termination of an employment contract requires a written notice period which varies depending on the employee’s length of service.
For more information about termination, please contact us.