Protection of Wages (Amendment) Act 2022

December 16, 2022 / News

The employer should pay the employee’s salary (if it is monthly):

a) to a bank account or payment account of the employee’s choice

b) by bank check in the name of the employee

In the case of an employee for whom the completion of the process of opening a bank account is pending, the employer may pay the salary in cash for a period not exceeding four (4) months from the date of employment of the employee.

In the case of a late employee whose request to open an account is rejected for any reason, the employer may continue to pay the salary in cash if the employee provides him with a relevant certificate from the credit institution.

The salary may be paid in cash provided that the employer pays the salary on a weekly basis and has entered into a contract or written agreement with the employee which provides that the salary may be paid on a weekly basis. The written agreement should bear the signatures and names of the employer and the employee in writing.

There is an obligation on the part of the employer to issue and inform the employee of a monthly/weekly payslip, whether it is in paper form or in electronic form

Neoklis Epaminondou

Managing Director and Founder

Neoklis is the Managing Director and Founder of Epaminondou & Co Audit Services Ltd and Arlon Consultancy Ltd, bringing over two decades of experience in accounting, tax advisory, business consultancy, and relocation services. He is a licensed Audit Practitioner, an Approved Compliance Officer, a Payroll Specialist, and an ADIT student. Neoklis is renowned for delivering high-quality tax advisory services, alongside expert business analysis, risk assessment, and business relocation solutions.

In his advisory role, Neoklis has been instrumental in structuring M&A deals, conducting financial due diligence, preparing tax memos, and managing complex tax reporting for both local and international clients. He has also played a key role in assisting businesses with their relocation to Cyprus, leveraging the country’s attractive tax incentives as one of Europe’s leading business hubs.

Neoklis is a Fellow Chartered Certified Accountant (FCCA) and holds a Master’s in Finance and Investments from the University of Exeter. He is an active member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, Neoklis is an honorary member of the Cyprus Payroll Association, an approved mediator, and an educational trainer. Recently, he obtained the Approved Compliance Officer Certificate (AML) from AICA and successfully passed the Cyprus tax paper as part of the ADIT Qualification.

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