16.09.2022
According to preliminary data released on Thursday by the Statistical Office of Cyprus (Cystat), total hourly labor costs in Cyprus rose by 5.2% year on year in the second quarter of 2022.
The two components of labor costs, namely wages per hour worked and non-wage costs per hour worked, increased by 3.8% and 12.2%, respectively, compared to the corresponding quarter of the previous year. In addition, seasonally adjusted hourly wages increased by 1.8% quarter-on-quarter.
Hourly labor costs, i.e. seasonally adjusted wages, increased by 1.4%, while hourly non-wage costs increased by 3.9%.
Presidential candidate Achilleas Demetriades met Thursday with Federation of Employers and Industrialists (Oev) President Antonis Antoniou to discuss a range of issues, including labor relations, the cost of living, and rising energy costs.
“We started with European Commission President Ursula von der Leyen’s statement yesterday on energy, and moved on to other issues, such as labor and trade, which are of great importance for the future of our country,” Demetriades. he said at the end of the meeting.
In addition, Demetriades said the government’s energy policy should move forward so that vulnerable groups can be supported during this time.
“This is a huge problem and should be addressed as a priority.” He added that there were discussions about labor relations issues that are subject to review in connection with the program he plans to release.
At the same time, Demetriades also stated that during the discussion, among other things, there was an exchange of views regarding the living wage allowance (CoLA). They also discussed essential services and the need to regulate these issues as part of the efforts being made to shape the conditions for the functioning of the economy.
Finally, Demetriades thanked the federation for its frankness, the content of the conversation, as well as the constructive nature of the meeting.
“I hope that this dialogue will continue for the benefit of the Cypriot society,” he concluded.
The Cyprus Stock Exchange (CSE) ended Thursday, September 15 with losses.
The overall Cypriot stock market index stood at 74.11 points at 13:55 during the day, reflecting a 0.12% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 44.47, down 0.13%.
The total transaction value was 164,382 euros.
In terms of sub-indices, the main, alternative and investment indexes of companies decreased by 0.23%, 0.09% and 1.89% respectively, while the hotel index remained stable.
Bank of Cyprus (+0.38%), Cyprus Cement Company (-0.77%), Demetra Holdings (-2%), Leptos Calypso Hotels (+2.44%) and CLR attracted the highest investment interest. Investments (no change).
