From education to employment: Salaries, professions and rights

Business From education to employment: Salaries, professions and rights Omadiki Proti Relevant News From education to employment: Salaries, professions and rights 14 September 2026 Children as young as 14 using cocaine in state care, minister warns 14 September 2026 Stagnant water near GSP turns into mosquito breeding ground, Strovolos residents say 14 September 2026 Newsroom 14 September 2026 FacebookXWhatsAppEmailPrintViber What the figures show about earnings by education level and occupation, the prospects in accountancy, and what young people need to know before starting their first job. Choosing a course of study and a career path is no longer simply about obtaining a qualification or finding a first job. Earnings, demand, opportunities for advancement, security, work–life balance and an understanding of employment rights are all factors young people need to weigh up before entering the labour market. This message emerged from presentations to school pupils at the Summer Economics and Entrepreneurship Workshop, organised by the Cyprus Association of Economics Teachers in cooperation with the School of Tourism Management, Hospitality and Entrepreneurship at the Cyprus University of Technology. The material on the accountancy profession, key labour market figures and employment terms outlines the journey from education to a first career choice. The summer workshop was held under the academic guidance and coordination of Dr Annita Antoniadou, an officer at the Cyprus University of Technology. As a principal co-organiser, the Cyprus Association of Economics Teachers (SOKAK) expressed pride in delivering the workshop and in the voluntary support provided by its members. The workshop aims to deepen, broaden and strengthen participants’ knowledge and skills in economics and entrepreneurship. The association therefore extended particular thanks to teachers Maria Charalambous, Maria Vryoni, Eleni Panayiotou, Elena Kyriakou and Charalambos Nicolaides. Special thanks were also extended to guest speakers Myria Saparilla, Niki Christofi and Claire Panayiotou for their significant contribution to enriching the workshop’s content and achieving its educational objectives. Education is reflected in earnings The statistics were presented by Niki Christofi, a member of the Corporate Social Responsibility Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC), drawing on a survey by the Statistical Service of Cyprus. The Statistical Service’s figures for 2022 show a clear link between the level of education completed and average total annual earnings. The average across all employees was €27,112 a year. Average earnings for those with basic education were €16,642, rising to €19,723 for secondary school graduates. For those with up to four years of tertiary education, a category that also includes professional qualifications such as those held by certified accountants, the average was €30,535. For those with more than four years of tertiary education, it reached €48,236, while doctorate holders recorded average annual earnings of €55,598. Education levelOverallMenWomenMonthly average*Basic education€16,642€17,687€14,403€1,387Secondary education€19,723€21,557€17,288€1,644Tertiary education, up to 4 years€30,535€32,875€28,420€2,545Tertiary education, more than 4 years€48,236€54,150€41,386€4,020Doctorate or equivalent€55,598€55,869€55,205€4,633 * Average total annual earnings divided by 12. Annual earnings include irregular allowances and overtime pay. Figures for 2022. The data also highlight differences between men and women. Across the labour market, average annual earnings were €29,067 for men and €24,821 for women. The gap is not uniform across all education levels: it is narrow among doctorate holders but remains considerable in other categories. Which occupations pay the most According to the statistics presented by Niki Christofi, occupational category is an equally important factor. Senior managers and administrators had average annual earnings of €69,597 in 2022. Professionals followed at €38,563, while technicians and associate professionals earned €29,260. The positive relationship between education and income is evident in almost all occupational categories. Among senior managers and administrators, average annual earnings rose from €53,113 for those with secondary education to €84,275 for those with tertiary qualifications requiring more than four years of study. Among professionals, the corresponding increase was from €35,984 to €45,698, while among technicians and associate professionals it was from €28,791 to €39,481. A similar pattern emerged among clerical workers, with average earnings of €18,393 for secondary school graduates and €24,734 for those with more than four years of tertiary education, and among service and sales workers, at €16,913 and €24,626 respectively. Among industrial plant, machinery and equipment operators, the available comparable figures rose from €21,216 for those with secondary education to €23,477 for those who had completed up to four years of tertiary education. The findings suggest that investment in education and specialisation is associated with higher earnings and greater access to better-paid positions. However, the relationship varies by occupational category and is not entirely linear across all subgroups. Within individual occupational groups, accountants, consultants and other business and administration professionals recorded average earnings of €35,947. Accounting and related associate professionals earned €28,452. Higher earnings were recorded among information and communications technology professionals (€47,350), health professionals (€47,264) and teaching professionals (€39,369). Occupation/categoryOverallMenWomenSenior managers and administrators€69,597€71,404€64,812Information and communications technology professionals€47,350€50,193€36,331Health professionals€47,264€53,914€42,737Teaching professionals€39,369€43,588€37,962Accountants, consultants and business professionals€35,947€38,067€34,251Accounting and related associate professionals€28,452€29,217€27,892Clerical workers€19,873€21,269€19,293Service and sales workers€17,367€19,441€15,484 Source: Statistical Service of Cyprus. Average total annual earnings, 2022. The employment picture in Cyprus In her presentation, Niki Christofi also outlined the latest available employment figures, which relate to 2025 and should not be confused with the earnings data for 2022. Total employment stood at 504,644 people, of whom 455,151 were employees and 49,493 were self-employed. Wholesale and retail trade was the largest sector, employing 76,555 people. It was followed by construction with 47,706, professional, scientific and technical activities with 42,330, and accommodation and food services with 41,275. Financial and insurance activities employed 27,818 people, while information and communication employed 25,705. Economic activityOverallMenWomenWholesale and retail trade76,55542,61833,938Construction47,70642,4165,291Professional, scientific and technical activities42,33019,28223,048Accommodation and food services41,27521,82419,451Education36,9039,01427,888Public administration and defence36,27319,16317,110Manufacturing30,05521,8628,192Health and social work29,0368,91720,118Financial and insurance activities27,81812,86514,953Information and communication25,70517,4368,268 Source: Statistical Service of Cyprus. Annual employment figures, 2025. Accountancy beyond the numbers At the workshop, the Institute of Certified Public Accountants of Cyprus sought to challenge the perception that accountants deal only with numbers and bookkeeping entries. The presentation was delivered by Myria Saparilla, vice-chair of ICPAC’s Limassol–Paphos Coordinating Committee and a partner at audit firm Ernst & Young Cyprus. The modern professional accountant is at the centre of financial reporting, business analysis, compliance, strategy and decision-making. Their work includes monitoring a business’s financial position and liquidity, costing, pricing, budgeting, payroll, tax compliance, VAT, investment valuation, risk management, KYC (Know Your Customer) procedures, insolvency, anti-money laundering, ESG (Environmental, Social and Governance), internal audit and assurance. Career roles range from accountant, auditor and tax adviser to financial analyst, financial adviser, finance director, internal auditor, compliance officer, financial crime investigator, investment adviser and educator. The route to professional qualification According to Myria Saparilla’s presentation, the profession is not open solely to people with a background in economics or finance. It can attract mathematicians, statisticians, bankers, legal professionals, IT specialists, engineers and professionals from other fields. Applicants can be admitted as ICPAC students with an upper secondary school leaving certificate, GCSEs or a university degree. They then complete the required professional competence examinations and three years of practical work experience. Membership is also open to members of recognised professional accountancy bodies in other countries. The ACCA–ICPAC Joint Examination Scheme has been in place since 2004. Students residing in Cyprus are automatically enrolled in the scheme, which follows the same syllabus and examinations as ACCA internationally. It includes 13 ACCA subjects, a professional ethics module and three subjects covering Cypriot legislation: Cyprus Company Law, Cyprus Taxation and Cyprus Advanced Taxation. The advantages presented included the ability to combine study and work, study from home and through distance learning, lower costs, access to tutors in Cyprus and proximity to career opportunities. Auditors and the reliability of financial information Myria Saparilla’s presentation gave particular attention to the auditor, who conducts an independent and objective audit and expresses an opinion on the picture presented by the financial statements. Auditing contributes to their completeness and accuracy, the reduction of financial fraud, regulatory compliance and the application of International Standards on Auditing. In this way, it strengthens the confidence of governments, authorities, businesses, banks, investors and markets in financial information. The skills tomorrow’s accountants will need As Myria Saparilla noted, digital technology is rapidly changing the nature of the profession. Beyond technical knowledge, tomorrow’s professionals need digital skills, strategic thinking, critical and analytical abilities, emotional intelligence, professional scepticism and market knowledge. Data analysis tools and tools for auditing large datasets, budgeting and payroll systems, artificial intelligence, cryptocurrencies, the Internet of Things, cloud computing, cybersecurity and risk analysis are entering the field. The profession remains closely connected to transparency, ethics, governance, sustainable development, the green economy, digital transformation and the public interest. What young people should know before their first job Career decisions do not end with recruitment. The presentation on employment matters was delivered at the Cyprus University of Technology by the Inspection Service and the Department of Labour Relations. Claire Panayiotou, an officer at the Department of Labour Relations, delivered the department’s presentation. The presentation focused on undeclared work and basic employment terms, with particular reference to school and university students taking their first steps into the labour market. Niki Christofi, a member of ICPAC’s Corporate Social Responsibility Committee, also addressed undeclared work. Undeclared work includes employment or self-employment without contributions to the Social Insurance Fund, as well as under-declared earnings. The obligation to declare employment also applies to school and university students, whether they work on a permanent, fixed-term or part-time basis. TopicMain provision presentedDeclaring employmentEvery worker, including school and university students, must be registered with the Social Insurance Fund.Minimum wage in 2026For full-time employment: at least €979 on recruitment and €1,088 gross after six months of service. Exemptions apply to specific occupations and sectors.Written termsThe employer must inform the employee in writing of their employment terms within seven days of recruitment.PayslipIssuing and providing a payslip is compulsory.Probationary periodIt cannot exceed six months.Working hoursUp to 48 hours a week, including overtime, with specific arrangements for shop and office employees.Annual leaveFour weeks of paid leave: 20 days for a five-day working week and 24 days for a six-day working week.Breaks and restA 15-minute break when work exceeds six hours, 11 consecutive hours of daily rest and 24 or 48 hours of weekly rest.Part-time/fixed-term workWorkers are entitled to the corresponding rights of full-time or permanent employees and must not be treated less favourably. Source: Inspection Service presentation for school pupils, referring to 2026. The consequences of undeclared work Failure to pay contributions is more than a procedural breach. Periods of undeclared work do not count towards the required social insurance credits and may affect entitlement to, or the amount of, pensions and benefits, including unemployment, maternity, paternity, sickness and parental leave benefits. In the example used in the presentation, on a gross monthly salary of €1,200, the employee’s contribution to the Social Insurance Fund was €105.60 and net earnings were €1,094. The contribution was presented as providing insurance protection linked to pensions, allowances and other benefits. Undeclared work also reduces public revenue, encourages unfair competition between businesses and transfers future costs to the social welfare system and taxpayers. Factors to consider before making a choice Taken together, the material points to one central conclusion: decisions about what to study should not be made in isolation. Young people need to consider whether they are truly interested in the subject, whether there is demand, whether they will study in Cyprus or abroad, the cost and duration of their studies, whether the qualification is recognised and what opportunities will be available after graduation. Similarly, assessing an employer goes beyond salary. Training, trust, participation, equal opportunities, fairness, career progression, working hours, teamwork, flexibility and the working environment all influence a person’s long-term career. The workshop and its partnerships The Summer Economics and Entrepreneurship Workshop was hosted at the Cyprus University of Technology’s School of Tourism Management, Hospitality and Entrepreneurship in Paphos, which has been housed in a modern building since September 2023. The school seeks to connect university education with vocational training, including through the Academy of Tourism and Hospitality Professions, established after the Higher Hotel Institute of Cyprus was incorporated into the university. The workshop includes lectures by teachers, academic staff and other specialists, interactive workshops, practical exercises, group activities and role-playing to simulate business scenarios. It also provides instruction in basic economics, preparation for the labour market, visits to local businesses and discussions with entrepreneurs. The workshop’s supporters include the Youth Board of Cyprus, the Noima Institute for Research and Skills Development, Paphos Municipality and the Centre of Competence Development Cyprus. According to the organisers, pupils and parents showed strong interest, with interest also expressed in future editions. A bridge to knowledge in economics and entrepreneurship from the Cyprus Association of Economics Teachers The initiative was first held in 2025, with the voluntary participation of secondary school economics teachers and the aim of becoming an established programme. The 2026 programme was scheduled to run from 1 to 24 July, from 8 a.m. to 2 p.m. daily, and was intended for pupils in the fifth and sixth years of primary school and the first, second and third years of lower secondary school. It retained its focus on economics and entrepreneurship, with updated content compared with 2025. The initiative seeks to help fill the gap created by the absence of financial literacy lessons in lower secondary education, introducing pupils to economics, accounting, commerce, marketing, business administration and entrepreneurship. The workshop provides practical knowledge and skills in management and entrepreneurial thinking, encourages pupils’ creativity and helps them understand their potential to develop their own simulated business ventures. It also familiarises them with the latest technological developments affecting the business world. Social role and partnerships Beyond its academic mission, the Cyprus University of Technology’s School of Tourism Management, Hospitality and Entrepreneurship also plays a substantial social role, according to the presentation material. Note on the data The earnings tables are based on Statistical Service figures for 2022 and refer to average total annual earnings. They include annual irregular allowances and overtime pay. The employment figures relate to 2025. The information on employment terms reflects the content of the presentations by the Inspection Service and the Department of Labour Relations, referring to 2026. 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