Cyprus Business Now

Total hourly labour costs in Cyprus increased by 5.2 per cent year-on-year during the second quarter of 2022, according to preliminary data published on Thursday by the Cyprus Statistical Service (Cystat).

The two components of labour costs, namely wages per hour worked, as well as non-wage costs per hour worked, increased by 3.8 per cent and 12.2 per cent respectively, compared to the corresponding quarter of the previous year.

Moreover, seasonally adjusted hourly labour costs rose by 1.8 per cent from the previous quarter.

Hourly labour costs, meaning seasonally adjusted wages, increased by 1.4 per cent, while hourly non-wage costs increased by 3.9 per cent.

Presidential candidate Achilleas Demetriades on Thursday met with Employers and Industrialists Federation (Oev) president Antonis Antoniou, in order to discuss a range of issues, including labour relations, the cost of living allowance, as well as soaring energy costs.

“We started with yesterday’s statements by the President of the European Commission, Ursula von der Leyen, about energy and we moved on to other issues, such as labour and trade issues, which are of great importance for the future of our country,” Demetriades said following the conclusion of the meeting.

Furthermore, Demetriades said that the government’s energy policy should move forward so that vulnerable groups can be supported during this time.

“It is a huge issue and should be addressed as a priority,” he said.

In addition, he added that issues related to labour relations were discussed, which are a matter to be considered in relation to the programme that he plans to issue.

At the same time, Demetriades also stated that during the discussion, among other things, opinions were exchanged that have to do with the cost of living allowance (CoLA).

They also discussed essential services and the need to regulate these issues as part of the effort being made within the framework of shaping the conditions for the functioning of the economy.

Finally, Demetriades thanked the federation for its directness, the content of their conversation, as well as the constructive nature of their meeting.

“I hope that this dialogue will continue for the good of Cypriot society,” he concluded.

The Cyprus Stock Exchange (CSE) ended Thursday, September 15 with losses.

The general Cyprus Stock Market Index was at 74.11 points at 13:55 during the day, reflecting a drop of 0.12 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 44.47 points, which represents a decrease of 0.13 per cent.

The total value of transactions came up to €164,382.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.23 per cent, 0.09 per cent and 1.89 per cent respectively, while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.38 per cent), the Cyprus Cement Company (-0.77 per cent), Demetra Holdings (-2 per cent), Leptos Calypso Hotels (+2.44 per cent), and CLR Investments (no change).