Cyprus: Labor freedom

* indicates monthly or quarterly data series

Labor freedom index (0-100)

 Latest value 67
 Year 2023
 Measure points
 Data availability 2005 - 2023
 Average 65
 Min - Max 56 - 71
 Source The Heritage Foundation
For that indicator, we provide data for Cyprus from 2005 to 2023. The average value for Cyprus during that period was 65 points with a minimum of 56 points in 2018 and a maximum of 71 points in 2011. The latest value from 2023 is 67 points. For comparison, the world average in 2023 based on 179 countries is 56 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Cyprus - Labor freedom - recent values

Historical chart
Cyprus - Labor freedom - historical chart - 2005-2023

The Labor Freedom index for Cyprus from the Heritage Foundation reflects the various aspects of the legal and regulatory framework of the labor market in Cyprus, including the minimum wage; laws inhibiting layoffs; severance requirements; and the regulatory burdens on hiring.
Definition: The Labor freedom index is composed of six quantitative factors: ratio of minimum wage to the average value added per worker, hindrance to hiring additional workers, rigidity of hours, difficulty of firing redundant employees, legally mandated notice period, and mandatory severance pay. The index is based on data collected in connection with the World Bank’s Doing Business study.

 Related indicators Latest value Reference Measure
 Property rights 83 2023 points
 Freedom from corruption 59 2023 points
 Fiscal freedom 73 2023 points
 Business freedom 75 2023 points
 Labor freedom 67 2023 points
 Monetary freedom 81.50 2023 points
 Trade freedom 79 2023 points
 Investment freedom 75 2023 points
 Financial freedom 60 2023 points
 Economic freedom, overall index 72 2023 index points
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