The average gross monthly earnings of employees for 2021 increased by 3.2% compared to 2020 to €2,067, reaching a decade high.
According to a press release by the Statistical Service of Cyprus, in monetary terms, the average gross monthly earnings have increased by 3.2% compared to the previous year. In real terms (deflating using the Consumer Price Index) the increase is 0.7%. The median gross monthly earnings of employees were €1,614.
The earnings of the employees exceeded the levels of 2012, the year before the outbreak of the financial crisis in Cyprus when the average gross salary was €1,988 and the median gross monthly salary at €1,611. Earnings have been on a downward trend since 2013 and started recovering in 2017.
The average gross monthly earnings by the branch of economic activity range from €913 in the Agriculture, Hunting and Forestry sector and €3,697 in the Financial and Insurance Activities sector.
Regarding the percentage distribution of employees by monthly gross earnings and sex, the highest percentage (14.5%) is observed among employees who receive between 1000 and 1249 euros.
The Average monthly earnings of employees are calculated by dividing the total gross earnings before any deductions for compulsory social security contributions, by the total number of employees who received remuneration. The data source is the records of the Social Insurance Services. The results are published on an annual basis.