2020 Cyprus Country Report

Business Operating Environment
Cyprus Job Positions: Annual Base Salary
(€) Low (€) Mid (€) High
Management
CEO 60,000 100,000 150,000
Executive Director 60,000 90,000 120,000
CFO 50,000 80,000 110,000
Finance Department
Financial Controller 45,000 57,000 70,000
Finance Manager/ Senior Accountant 40,000 45,000 70,000
Accountant/Auditor (Qualified) 30,000 38,000 45,000
Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000
Account Assistant 15,000 20,000 24,000
HR Department
Head of HR/Group HRM 60,000 80,000 120,000
HR Manager 35,000 50,000 65,000
HR Executive 16,000 20,000 24,000
Legal Department
Head of Legal/ Group Legal Head 60,000 90,000 130,000
Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000
Legal Assistant / Paralegal / Non Qualified Lawyer 15,000 18,000 22,000
Compliance, Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF)
Head of Compliance 50,000 62,500 75,000
Compliance/AML/CTF Manager 40,000 45,000 50,000
Compliance/AML/CTF Officer 25,000 32,000 40,000
Dealing Room
Chief Dealer 44,000 52,000 60,000
Dealer 24,000 33,000 42,000
Junior Dealer 17,000 19,500 22,000
IT Department
Head of IT / CTO 50,000 70,000 120,000
IT Manager / Development Manager 35,000 50,000 65,000
Quality Assurance (QA) / Tester 24,000 32,000 45,000
IT Technician 18,000 24,000 30,000
Developer 25,000 40,000 60,000
Marketing Department
Head of Marketing 40,000 50,000 70,000
Marketing Officer 24,000 28,000 35,000
Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000
Marketing Executive 15,000 19,000 24,000
Sales Department
Head of Sales 36,000 51,000 66,000
FX Sales 18,000 22,000 30,000
Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000
Administration
Office Manager / Personal Assistant 16,000 25,000 36,000
Administrator / Receptionist 15,000 18,000 24,000
Corporate Administrator 22,000 30,000 40,000
Graphic Designer 35,000 40,000 45,000
Human Resources
Well-trained and versatile, the Cypriot
workforce is one of the island’s most
valuable resources, offering high standards
of productivity, technical expertise and
professional excellence at reasonable
costs to businesses. The island’s labour
force numbers some 416,500 persons in
the Republic of Cyprus, with some 78.3%
working in the services sector, 19.1% in
industry and only 2.6% in agriculture.
Since Cyprus’ accession to the EU, the
European Union’s legislation framework
regarding labour regulations has been
adopted. The Cypriot labour market has
a tradition of social dialogue and a welldeveloped
institution of free collective
bargaining. Terms and conditions
of employment are negotiated either
directly between the employer and the
employee or through collective bargaining
between trade unions and employers’
organisations. Approximately 65-70%
of the labour force is unionised and/
or is covered by collective agreements.
Collective agreements regulate employment
conditions such as remuneration,
working hours, health and safety, annual
holidays and contributions to the national
retirement fund (provident fund).
Various branches of industry are
represented by registered employers’
associations, the purpose of which is to
promote and safeguard the interests of their
members. Most of these associations belong
to the Cyprus Employers and Industrialists
Federation (OEB), a body established to
provide information to its members on
labour, collective bargaining, and social and
economic problems, as well as representing
members and their viewpoints to the
government, the trade unions and the public.
The Cyprus Chamber of Commerce and
Industry (CCCI) is a strong voice for the
island’s business community, representing
over 8,000 enterprises and their interests.
With about 120 professional associations
under their wing ranging from the services
industry to education and business
associations with other countries, the CCCI’s
views are highly regarded by the government.
www.ccci.org.cy
www.oeb.org.cy
Source: GRS Professional Recruitment Services Ltd. June 2020
152 Country Report CYPRUS 2020