Breaking news

Cyprus Government Moves to Cut Electricity Prices

by THEFUTURE.TEAM

May 13, 2025

According to the government spokesman Konstantinos Letymbiotis, the Electricity Authority of Cyprus (EAC) and the energy regulator are set to meet this week to discuss a formula to lower the price of electricity.

This development comes from President Nikos Christodoulides’ remarks over the weekend, where he urged the EAC not to increase electricity rates. Christodoulides confirmed that he had a meeting with the EAC, asking them not to impose any increases at this juncture.

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The government spokesman emphasized that the current administration is committed to bringing down the price of electricity in any way possible. Letymbiotis noted that the state-run power utility and the regulator would make their own assessments based on the wider direction of the government regarding reductions in the coming time period.

It is worth noting that Cypriots pay the second-highest rates for electricity in Europe when adjusted for spending power, according to Eurostat data released last week. Only consumers in the Czech Republic paid more for their household energy bills than those in Cyprus.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.