Cyprus has a new national minimum wage. This change started at the beginning of the year. It aims to help workers have more money to spend. However, recent economic feelings show a slightly different story. Overall confidence has gone down a little. This is mostly because the services sector is weaker. Other parts of the economy seem more stable.
From January 1, 2026, new rules for minimum wage are in place. New workers will earn €979 each month. This is more than the old €900. Workers who stay with the same job for six months or more will see a bigger increase. Their minimum wage will go up from €1,000 to €1,088 per month. Part-time workers will be paid based on their hours. The old rules for hotels are now replaced by these new 2023 rules. These changes will help workers with rising costs. They also aim to make businesses fairer.
Even though wages are better, economic feelings in November were not as strong. The main index went down slightly. It was 104.0, from 104.1 in October. This small drop happened because businesses in the services sector felt less confident. Companies there were not as happy with their recent money earned.
However, other parts of the economy looked better. Shops felt more positive about their stock and sales. Building companies also felt better. They had more orders and expected more jobs. Factories also saw a small increase in good feelings. They expected more orders and production.
Most encouragingly, people feel more confident about their money. Consumers are happier with their personal finances. They are also more positive about the future economy. This good feeling from people and less economic worry suggest a stable economy.
The new minimum wage should help many people in Cyprus. But it is not yet clear if it is enough for everyone. The drop in confidence in the services sector needs attention. The way wages and economic feelings change will affect Cyprus's economy.