The average gross monthly earnings of employees in Cyprus rose by 5.3 per cent in 2024, reaching €2,487, according to provisional data released on Wednesday by the state statistical service.
In terms of the fourth quarter of 2024 specifically, gross monthly earnings stood at €2,813, up from €2,680 in the same quarter of the previous year.
This represents a 5 per cent year-on-year increase.
When adjusted for seasonal variations, earnings increased by 1.2 per cent compared to the third quarter of 2024.
Male employees earned an average of €2,979 during the fourth quarter, while female employees earned €2,606.
Compared to the same period in 2023, men’s earnings increased by 4.3 per cent, while women’s earnings rose by 5.9 per cent.
The median gross monthly earnings across all employees in 2024 stood at €1,887.
The data also revealed that a significant portion of workers earned below €1,500 per month.
Overall, 38 per cent of employees were in this bracket, including 42 per cent of women and 34 per cent of men.
Among Cypriot employees, 32 per cent earned below €1,500, compared to 50 per cent of non-Cypriot employees.
Employees earning between €1,500 and €2,999 accounted for another 38 per cent of the workforce.
Only 5 per cent of employees earned €6,000 or more, with the share slightly higher for non-Cypriots at 7 per cent.
The figures are based on social insurance records and include basic salary, cost of living allowance, overtime, bonuses and other regular and irregular payments.
Earnings provided by the Ministry of Labour under pandemic-related support schemes are not included in the data.
The statistical clarified that these earnings reflect gross pay before deductions for social security and taxes.
It added that the data from 2024 onwards are provisional and may be revised.
