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Fulfilling the company’s promise to provide a reliable and state of the art network for an epic communication experience to all of its subscribers, Epic has been rapidly implementing a multi-million investment plan over the last few years.
Our goal is to continue to lead the way by offering new technologies and services at the highest quality level, with inconceivable high speeds and the reliability of the #1 mobile network in test, as well as real value for money, with over 40% price reduction in 4 years.
However, price increases of energy, raw materials, and by extension the increase in inflation by 8.4% in 2022, have led to an increase in the operating costs of many companies throughout the country, including Epic and its partners.
This results in the inevitable adjustment of our pricing, which will allow us to continue our investments in our fixed and mobile networks, while also upgrading the country’s infrastructure and meeting the ever-increasing demand for data and high-speeds, at a time when people need to be constantly connected at every moment of their lives.
What is the annual price adjustment clause?
The annual price adjustment clause refers to the inflation price adjustment contractual provision that allows prices or other charges to be adjusted periodically based on the relative change in value of one or more established price indices. In Epic’s subscriptions contracts, the price adjustment clause is clause 6 of the Terms & Conditions of internet and fixed voice telephony services and clause 4(e) of the Terms & Conditions of mobile subscription services. At Epic we use the inflation rate published by the Statistical Service of the Republic of Cyprus.
How does this affect you?
On 1st of February of each year, Epic shall be entitled to adjust all charges (including the price of the Subscription Plan, charges for any additional services, roaming charges and any out of bundle charges) by an amount equal to the annual Consumer Price Index inflation rate (https://www.cystat.gov.cy/en/SubthemeStatistics?s=47) (“Inflation Rate”) published by the Statistical Service of the Republic of Cyprus in the preceding January. Epic will communicate any such adjustment to the subscriber.
The adjustment will be calculated by multiplying the relevant charge individually by the Inflation Rate percentage and will be rounded up to the nearest whole cent. The price adjustment will apply on February invoices each year, unless Epic in its sole discretion chooses not to apply the relevant adjustment.
If your plan started on or after the 10th of February 2022:
The monthly price of your Subscription Plan will increase on the 1st of February 2023, by an amount equal to the Inflation Rate published by the Statistical Service of the Republic of Cyprus in January 2023. The Inflation Rate is 8.4%, hence the monthly price of your Plan will be adjusted accordingly.
We set out below examples for some of our plans, to give you an idea of how you will be impacted:
|Monthly Price of Plan before Adjustment||Monthly Pricing Adjustment (+8.4%)||Total Amount Payable from the 1st of February 2023 and after|
If your current plan started before the 10th of February 2022, then you will not be affected by the pricing adjustment and until your plan is renewed.
Other details you should know?
In the event that the Inflation Rate is negative (-), this will be treated as being 0%. The adjustment to charges as a result of this annual increase is not a change or an amendment to the terms and conditions of your subscription contract. If the Inflation Rate ceases to be published by the Statistical Service of the Republic of Cyprus, the calculation will be made on the basis of the replacement index chosen by the Republic of Cyprus or a similar index communicated to you by Epic.
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