Payments, Deductions, Payroll, Record Keeping, Penalties.
Important provisions on the protection of employees’ wages in accordance with the Protection of Wages Law 35(I)/2007, as amended (the “Protection of Wages Law”):
As a rule, employers must pay employees’ salaries as follows:
Cash payments are allowed only in exceptional cases explicitly outlined in the Protection of Wages Law.
Salary deductions allowed under the Protection of the Wages Law but not explicitly provided thereunder must be consented in writing and signed by the employees in a prescribed form. Employers must keep record of such written consents together with the reasoning behind such deductions.
Employers must provide employees with payslips in written or electronic form, within five (5) working days from the date of payment.
The minimum information to be included in such payslips includes: Details of the employer and employee (name, address, identity and social security number/employer registration number); payment date; period covered by the payment; payment details (basic salary with reference to the number of weekly working hours, overtime pay with reference to the number of overtime hours and method of calculating overtime compensation, any other payments); employee’s contributions/deductions (Social Insurance Fund, General Health System and other contributions that may be provided by law or regulation or written agreement or collective agreement); employer’s contributions (Social Insurance Fund, General Health System, Social Cohesion Fund, Redundancy Fund, Human Resources Development Fund and other contributions that may be provided by law or regulation or written agreement or collective agreement); other information where applicable (automatic indexation, commission, 13th salary, 14th salary, travel allowance, contribution to the Central Holiday Fund, employer and/or employee contributions to Provident Fund).
Employers must keep records of employees’ net and gross income, including any salary deductions carried out. Such records must be kept by employers for a period not exceeding six (6) years and should be readily available for inspection.
Where a company – employer commits an offence under the Protection of Wages Law, such company – employer’s officials (director, president, secretary or other similar position), provided that it is proved that the offence has been committed with the consent or contribution of such officials, have direct criminal liability which may lead to a fine not exceeding €15.000 or imprisonment not exceeding six (6) months or to both penalties.
Contact our team at email@example.com should you wish to find out more.
Payments, Deductions, Payroll, Record Keeping, Penalties. Important provisions on the protection of employees’ wages in accordance with the Protection of Wages Law 35(I)/2007, as amended (the “Protection of Wages Law”): Payments: As a rule, employers must pay employees’ salaries as follows: Cash payments are allowed only in exceptional cases explicitly outlined in the Protection of […]
Yesterday 30 November 2023, the Plenary of the House of Representatives approved the extension of the Debt Restructuring provisions until the 31st December 2024. The Debt Restructuring provisions allow for various tax reliefs and incentives in respect of transactions involving transfer of immovable properties by debtors to lenders, reflected in seven different laws. The context […]
A proposal for a new law regulating the working conditions on Telework in the private sector has been approved by the Plenary of the House of Representatives last Thursday, 16 November 2023. Despite the developments that have taken place in recent years at national level in relation to telework and its gradual implementation by companies, […]
We wish to welcome to our firm Mr Petros Karides. Petros will complete his pupillage with our Firm and will rotate to all departments during his pupillage.
We wish to welcome to the Firm our new Associate, Mr Constantinos Stoumbiotis to our firm. Constantinos joined us on 1st January and will be working our of our Nicosia office in our Corporate and Commercial Law department.
Pamboridis LLC is looking to hire on a Part time basis (9:30am to 1:30pm), a Secretary to assist our Partners at our Non-Contentious department. The said individual must be fluent in Greek and English and must have very good knowledge of Microsoft Office including Word and Excel.
Pamboridis LLC is delighted to announce that on October 1st 2023 we celebrate our twenty year anniversary. These have been twenty years of continuous development and effort to achieve excellence, providing our clients with top of the range legal services.
We are looking to recruit a corporate lawyer to join our commercial department, in Nicosia. Candidates should have 3+ years PQE on company law matters especially reviewing, drafting and negotiating commercial agreements including SPAs, SHAs, JVAs and handling finance, banking and M&A transactions.