Although the employment law of Cyprus is straightforward, the labor market is more flexible compared to its European counterparts. The statutory requirements regarding contracts. Employee’s benefits are minimal, too. Payroll concerns are one of the most important aspects of employment. That’s why a company should know everything about payroll processing.
Required Fees and Benefits for the Payroll
There are different payroll options implemented in Cyprus that both foreign and local employees should observe. These include the following:
- Social Insurance – Both the employer and the employee are required to pay for the Social Insurance contributions.
- Employment termination – Terminating a staff from employment is not that easy because the employer should follow the law and know the employee’s rights and the obligation they have to fulfill them.
- Annual paid leave – Anyone who is employed in Cyprus has the right to enjoy an annual leave privilege for 20 days.
- Pay as you earn – This law is applicable to both non-resident and resident employees. All of them obliged to pay tax through the employer. Non-resident employees are required to do it based on the income generated within the country. On the other hand, resident employees are taxed based on the income they generate worldwide.
Hiring Payroll Service Provider in Cyprus
Preparing and processing of payroll as well as other related tasks are time-consuming. The good thing is that even non-resident companies can outsource Cyprus payroll services.
The payroll services in Cyprus are governed by Data Protection Directive, Working Time Directive and Acquired Rights Directive. If you’re planning to outsource payroll services, you should choose a company that is well-versed about the EU Directives and Cypriot legislation. On the other hand, standard payroll services include the following:
- Payroll computation and processing based on the preference of the client
- Monthly computation and payment of contributions for tax and social insurance
- Preparation of pay slips and distributing it every end of the month or cut-off
- Transfer of payments to the personal accounts of employees are done through online banking
- Registration of social insurance and income tax of new employees and the company
- Secure yellow slip for foreign employees
- Preparation of IR63 form or the annual payroll forms to employees
- Submission of the company’s annual payroll form or the IR7 to the authorities.
The advantage of hiring payroll services is that there’s no need to hire extra staff to process payroll for the entire employees. Since internal processing of payroll requires knowledge about the local employment regulations and payroll as well, companies implementing internal payroll also need to hire legal counsel and local accounting firm to comply with the employment laws in Cyprus.
When outsourcing payroll services, it’s better to choose a service provider that knows the work culture in Cyprus. This way, you can guarantee that all the benefits and compensations of the employees are given appropriately. If you want to increase productivity and save cost, then Cyprus Payroll Services are a great help– whether you cater to resident and non-resident employees and businesses (or both) in Cyprus.
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