The completion of the Nicosia Ring Road faces further delay, now expected to be finished by July 15, 2023, due to unforeseen issues like adverse weather and extra work. Delays may result in a €5,500 daily fine for the contractor until completion, impacting efforts to reduce traffic congestion and enhance economic activity in Nicosia.
The absence of airconditioning units in schools has sparked a heated debate, as concerns about students’ comfort and health clash with the financial implications of installation and operation. With the Education Minister promising to equip all classrooms within three years, the challenge lies in balancing the urgency of the situation with the practicality of upgrading electrical infrastructure and managing the costs involved.
The reduction of the minimum wage in the north to 29,520 Turkish Lira (TL) has stirred controversy among stakeholders, with the new figure marking a decrease from the previous 29,640TL. Business owners’ appeal for adjustment has led to this change, prompting discussions on the economic implications for workers in the region and beyond.
Business owners are pushing back against the new 34,070TL minimum wage in the north, citing concerns about economic pressures and inflation. They argue that the burden placed on them is unfair compared to their contribution to the economy.
In March 2024, the construction material price index in Cyprus increased by 0.21 percent, with metallic products witnessing a significant drop of 6.45 percent and wood falling by 0.59 percent compared to the previous month. Overall, the first quarter of 2024 saw a 2.05 percent decrease in material costs compared to the same period in 2023, indicating a potential easing of costs for construction projects in the country.
President Nikos Christodoulides plans to implement green taxes by the end of 2024 to promote ecofriendly habits and energysaving practices. Stakeholder collaboration will be key in the transition towards sustainability, with compensation measures and incentives playing a crucial role in encouraging individuals and businesses to adopt greener practices.
Cyprus is revolutionizing waste management with its ‘Pay as You Throw’ initiative, charging residents based on the amount of waste they dispose of to promote recycling and reduce environmental impact. This ecoconscious move aims to instill a culture of responsibility and transparency in waste generation, setting an example for global sustainable practices.
