New regulations on how to pay salaries to employees
Following the publication in the official gazette of the Republic, new employment regulations are now implemented.
Under the new regulations, the employer pays the employee’s salary (a) to a bank or payment account of the employee’s choice or (b) by bank check in the name of the employee.
In the cases of persons for whom the completion of the process of opening a bank account or payment account is pending, the employer may pay the salary in cash for a period not exceeding four months from the date of employment of the employee.
The salary may be paid in cash provided that the employer pays the salary on a weekly basis and has entered into a collective agreement or other written agreement with the employee, which provides that the salary may be paid on a weekly basis. In the case of a written agreement, it bears the signatures and the names of the employer and the employee in writing, and the said collective agreement or written agreement is sent within fifteen calendar days to the Ministry of Labor and Social Insurance.
Obligations of employer
The employer has an obligation to (a) issue a payroll statement, (b) give the employee a copy of the statement on paper or electronically, within five working days from the date of salary payment, (c) keep a record of the statements which if requested is sent within fifteen calendar days from the date of the relative request to the Ministry of Labor and Social Insurance
How Can We Help
Please contact us to share any questions you have about the above topic
Tel. +357 22 340000
Email: [email protected]
The authors expressly disclaim all and any liability and responsibility to any person, entity, or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.