Net minimum wage in Northern Cyprus will amount to 58,738 liras in February

On January 26, Prime Minister of Northern Cyprus Ünal Üstel announced new support measures for minimum-wage workers in parliament. According to him, in February the net minimum wage will increase to 58,738 liras and will be paid tax-free.

Ünal Üstel explained that the overall increase is approximately 22.90 percent compared to the previous level of 52,738 liras. The government will additionally pay pension fund contributions and cover the difference in social insurance contributions through the Ministry of Labour.

The Prime Minister recalled that minimum-wage workers already receive 2,000 liras per month, and now pension and insurance contribution costs are added to this amount. According to Üstel, a total of 12,000 liras will be credited to workers’ accounts in February and March under the new program.

Previously, the Prime Minister noted, last year support for social insurance contributions amounted to 80 percent for men and 100 percent for women; at that time around 250 million liras per month were allocated to the private sector for such payments.

Ünal Üstel also reported that around 12,000 applications for support were submitted after the announcement of the program. For residents, this means an increase in net income and the preservation of pension rights, with employers paying the contribution difference.