On the occasion of the Annual General Assembly of the Federation of Employers & Industrialists (OEB), which will take place on Wednesday, May 7, 2025 and addressed by SA. The President of the Republic, Mr. Nikos Christodoulides, OEB issues the following announcement.
The Federation of Employers & Industrialists (OEBs), closely monitoring developments, took a strong action to support business and enhance their viability, submitting specific proposals and suggestions to the relevant ministries. In this context, the OEB adapted accordingly its aspirations and strategy, with particular emphasis on the peaceful renewal of collective agreements with labor costs and preserving the competitiveness of the Cypriot economy.
It is noted that despite the difficulties, in 2024 unemployment declined with the percentage being reduced below 5%for the year (6.1%: 2023) while employment reached a record rate of 80%.
In summary, the most important work developments of 2024 are summarized as follows:
In January 2024, a 2.44% salary increase was paid on new basic salaries due to the automatic price adjustment (where the ATA system is implemented), based on the agreement agreed between the social partners on 28/7/2017 and the renewal of this 12/5/2017 of the annual increase in the relevant index. One year after the implementation of the national minimum wage (ECM), the decree of wage threshold was issued, which provided that from 1/1/2024 the gross minimum salary was increased to € 900 (from € 885 in force) and after 6 months of continuous employment to € 94. In 2024 it was particularly demanding on collective bargaining, since the renewal of the collective agreements of a large number of individual businesses and sectoral collective contracts of neuralgic sectors coincided with the collective agreements. Economy. Despite the difficulties encountered by the active contribution of the OEB, the renewal of collective agreements that had expired in 2023 was made possible, including the collective agreements of the hotel industry, port workers and the building industry under negotiation from 2022. Problems in the field of construction and in the economy in general, it was strongly concerned with the OEB, which had a decisive contribution to resolving the labor difference and the end of the strike. On the occasion of unjustified and irregular strikes of public hospitals and threats to take strike measures in public transport and semi -governmental organizations, the OEB, with the aim of ensuring the proper functioning of businesses and to protect the safety, health and prosperity of citizens, Dynamically its requirement for legislating the agreement on the process of resolving labor disputes in the substantive services, which was concluded in 1999 by OEB with SEK, PEO & PASYDY and which the unions refuse to implement. In addition, in 2024 the decree on the employment of foreign students from third countries was revised, expanding the professions/specialties permitted to employ them. In addition, the debate on the revised text of the employment of a foreign labor force strategy began to enhance the procedures and to remove weaknesses identified and to facilitate businesses that have proven to be unable to find appropriate nationals,
The rationalization of energy costs combined with the retention of labor costs and securing human resources to meet business needs are the important challenges for the competitiveness of the Cypriot economy.
Increasing participation in the employment of the inactive population, coupled with the urgent need to educate workers to acquire green and digital skills (reskilling and upskilling) is a priority for ensuring their employability but also to enhance the competitiveness of businesses, launching our economy.
In addition to the above, the OEB in 2024 developed a strong and multifaceted activity on a number of work content issues including law -making processes, implementation of European projects, promoting female entrepreneurship and gender equality in employment and other issues described in the Wednesday, May 7, 2025 Nicosia and will be welcomed by the President of the Republic of Cyprus Mr. Nikos Christodoulides.
