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Overworked: Cyprus Among The EU’s Heaviest Hit With Long Working Hours

In the European Union, working long hours is a reality for millions. While the EU average workweek stands at 36 hours, the figures vary significantly from country to country.

Eurostat defines “long hours” as 49 or more per week, a category that applies to 7.1% of the EU workforce. Among the EU countries, the highest rates of long working hours are seen in Greece (11.6%), Cyprus (10.4%), and France (10.1%).

The figures show a sharp contrast between self-employed individuals and employees, with 29.3% of the self-employed working long hours compared to just 3.6% of employees. Outside the EU, Turkey has the highest rate, with 27.2%, followed by Iceland with 13.8%.

Percentage of people working at least 49 hours a week

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Which Countries Have The Longest Working Week?

Turkey has the longest average working week at 44.2 hours, followed by Serbia (41.7 hours), Bosnia and Herzegovina (41.4 hours), and Greece (39.8 hours). The EU average, meanwhile, is 36.1 hours.

The sectors with the longest working hours are predominantly manual, with agriculture, forestry, and fishing leading the charge with an average of 41.5 hours per week, followed by mining and quarrying (39.1 hours), and construction (38.9 hours). Conversely, the shortest workweeks are found in the Netherlands (32.2 hours), Austria (33.6), and Germany (34.0).

Average working hours per week

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What’s The Situation In Cyprus?

In Cyprus, the working hours reflect a balance between the Mediterranean work culture and the global demand for productivity. With 10.4% of the workforce engaged in long hours (49 or more per week), Cyprus is among the countries with the highest rates in the EU. However, the overall average working week in Cyprus is relatively close to the EU average, standing at around 38.5 hours.

Similar to other EU countries, self-employed Cypriots are more likely to work longer hours compared to employees. Professions in sectors like agriculture, construction, and retail drive much of this statistic, as these industries often require extended working hours to meet demand.

Despite this, Cyprus has made strides in improving work-life balance, particularly in sectors outside of manual labor, where shorter working weeks are becoming more common. However, the island’s economic structure, heavily influenced by tourism and service industries, continues to push for longer working hours in certain areas, especially during peak seasons.

In conclusion, while Cyprus ranks high in terms of long working hours within the EU, ongoing efforts to modernize work practices and improve labor rights are expected to gradually alter the dynamics of work-life balance on the island in the coming years.

EBA Unveils 2024 Report to Strengthen Supervisory Convergence Across the EU

Overview

The European Banking Authority’s 2024 annual report details a comprehensive effort to harmonize supervisory practices across the European Union. The report outlines strategic initiatives across prudential supervision, resolution and crisis management, digital finance, consumer protection, and the interim AML/CFT framework until the end of 2025. This marks a decisive step in implementing further recommendations from the EBA’s evaluation of regulatory efficiency.

Consolidating Prudential Supervision

The EBA’s European Supervisory Examination Programme for 2024 focused on critical areas such as liquidity and funding risk, interest rate risk, and the operationalization of recovery measures. With risk levels remaining stable amidst ongoing challenges in data quality, stress testing, and modelling assumptions, the EBA is set to intensify its monitoring activities for online deposit platforms and oversee compliance with Supervisory Outlier Tests in 2025.

Advances in Resolution And Crisis Management

In the realm of resolution, the report highlights significant progress in operationalizing resolution tools, notably the bail-in mechanism in cross-border environments. Improved coordination among authorities, enhanced management information systems, and persistent efforts to refine data quality and legal recognition issues underpin this advancement.

Strategic Developments in Digital Finance

With digital finance at the forefront, the EBA has prioritized its preparations for the implementation of the EU’s Markets in Crypto-Assets Regulation. Efforts include the supervision of asset reference tokens and e-money token issuers, the development of an EU-wide supervisory handbook, and the coordination of workshops aimed at establishing a unified supervisory approach from the outset.

Enhancing Consumer Protection And AML/CFT Measures

The report also underscores improved cooperation and risk-based supervision among national authorities in consumer protection and AML/CFT. Notable progress has been achieved through AML/CFT college monitoring and implementation reviews, as the EBA prepares for the eventual transfer of AML/CFT supervisory responsibilities to the new EU Anti-Money Laundering Authority by the close of 2025.

Fostering A Common Supervisory Culture

Beyond sector-specific improvements, the EBA continues to champion supervisory convergence through robust cross-border initiatives including peer reviews, Q&A sessions, breach of Union law investigations, and comprehensive training programmes. In 2024 alone, 23 courses were delivered to over 3,000 participants, reinforcing best practices and aligning supervisory standards throughout the EU.

Future Trajectory

Looking ahead, the EBA is set to place greater emphasis on the effective implementation of the Single Rulebook. This strategic pivot will enhance supervisory outcomes and ensure the consistent application of regulatory measures, as reflected in the annual reports to the European Parliament and the Council under the Supervisory Review and Evaluation Process.

With these measures, the EBA reaffirms its commitment to building a unified and resilient supervisory framework, essential for navigating the complex regulatory landscape of the European financial sector.

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