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If you are interested in hiring a remote team in Cyprus, or even just individual remote employees in Cyprus, then you have come to the right place!
Rivermate is an Employer of Record (EOR) that offers Cyprus payroll solutions. As a Cyprus payroll provider, we will cover everything from salary, benefits, employer-to-employee contributions, and especially payroll compliance in Cyprus. We are confident Rivermate’s payroll solutions Cyprus will help you grow as a business—because now, you won’t have to worry about your payroll solutions Cyprus. We take care of everything payroll!
With Rivermate, you can run Cyprus payroll services in just one click—regardless of currency, benefits, insurance, and your local labor laws. Everything is automated. Our priority is for you to focus on your company’s strategy and growth.
Our Rivermate Global Payroll services are made especially for startups and scaleups. We know that startups try to be extra prudent when it comes to choosing a payroll provider, so it is our mission at Rivermate to be your most reliable and cheapest payroll provider option. So if you’re looking for global payroll providers for small businesses, look no further and book a call with us now!
Once you've determined the best Cyprus payroll option for your company, you'll need to collect some information from employees in order to add them to your payroll. Begin by acquiring their personal identification number, tax deduction card, and emergency contact information. When an employee begins working and provides you with their tax deduction card, they become a part of the social security system and are eligible for benefits.
Employers in Cyprus must adhere to the Pay As You Earn (PAYE) system. That means you must withhold 0-35% of employees' gross salaries for income taxes. The country also requires employees and employers to contribute 8.3% to social security (rate valid until December 31 2023). This rate will rise every five years, reaching 10.7% on January 1, 2039. Another 4.6% is covered by the government. You must also pay a 12.5% corporate tax on earnings.
Companies that wish to expand their operations globally have four different payroll options in Cyprus. These payroll options are:
1. Internal Payroll. This payroll option is applicable for already established companies in Cyprus. It includes devoting an entire Human Resources staff to running the company's payroll procedures.
2. Remote Payroll. Smaller firms may lack the capacity to handle their own payroll, but they may add their workers to the parent company's payroll. This action, on the other hand, requires considerable thinking. You must guarantee that you follow the rules and laws of each nation.
Working with a local outsourcing firm is one method to retain money in the local economy, but you'll still need to study all of the local rules and regulations, since you'll be held responsible.
3. Cyprus payroll outsourcing: Outsourcing your payroll to an Employer of Record in Cyprus, such as Rivermate, is another alternative for Andorra payroll outsourcing. We can manage all aspects of your payroll, including compliance. Send us a note and we'll get back to you as soon as possible!
Businesses that fail to follow these payroll regulations in Cyprus face fines and penalties. It is also critical to pay all taxes and contributions on time because interest and penalties apply.
In other words, if you want to avoid costly mistakes, you need to run a strong payroll system in Cyprus.
Companies that have a business presence in Cyprus have different ways of managing payroll. However, most of the options you have for running payroll in Cyprus are either expensive or require establishing a subsidiary in Cyprus. The cheapest, most efficient, and most reliable payroll processing system in Cyprus is by outsourcing payroll to Employers of Record (EOR) in Cyprus. Rivermate is one of those Employers of Record.
At Rivermate, we offer you the most efficient, most compliant, and cheapest HR and Payroll Management services in Cyprus. We do this by taking care of your payroll-related needs, such as keeping track of your employees’ financial records, including incentives, gross and net salary, and payslips, all the while staying compliant with the labor laws in Cyprus. Because we do your online payroll management for you, you can have absolute focus on your business’ strategy and growth.
Rivermate is all about growth through collaboration and we achieve this by offering the most reliable yet cheapest services for managing payroll for small businesses in Cyprus.
The employment agreement should specify the procedure for terminating employment.
Cyprus's compensation legislation is devoid of a national minimum wage. However, some sectors establish their own minimum wage rates, or employers must bargain directly with employees. Currently, the minimum wage is set at 870 euros per month for certain types of assistants and hairdressers, 425 euros per month for unskilled agricultural workers, and 767 euros per month for skilled agricultural workers.
The standard workweek is forty hours spread over five days, but a six-day workweek is possible. Throughout the summer, many businesses open at 8 a.m. or 8:30 a.m. and remain open until 6 p.m. or 7 p.m., with a noon break in the middle of the day. Employees may not work more than 48 hours per week without the employee's consent, and work beyond 40 hours requires the employee's consent.
Over a one-month period, work at night (from 11 p.m. to 6 a.m.) may not exceed an average of eight hours out of 24. Employers who employ night workers on a regular basis must notify the Ministry of Welfare, Labor, and Social Insurance in writing and must provide night workers with medical examinations at the employer's expense prior to beginning night work to ensure their health. Additionally, the employer must ensure that night workers are examined on a regular basis while they continue to work at night.
Numerous workers in Cyprus are covered by collective bargaining agreements (probably half or more, although no official figure is available), and these agreements may specify specific working hours.
Cyprus provides universal health care, and individuals who are not insured by the government system may utilize public medical facilities for a fee.
Medical benefits are income-based. Benefits that are frequently given include a provident (pension) fund, health insurance, parking, a vehicle allowance, a gym allowance, a food allowance, and a phone allowance.