Newsroom
Workers in Cyprus took home more money in 2024, but the pace of wage growth lost steam as inflation continued to squeeze household budgets.
The island’s average monthly salary reached €2,483 last year, up 5.1% from €2,363 in 2023, according to new data from the Statistical Service. The increase marks a slowdown from the 7.3% jump recorded a year earlier.
The median salary, a better gauge of typical earnings, stood at €1,881.
Most employees earned between €1,000 and €1,249 a month, making up about 14% of the workforce. Another 11.6% brought in €1,250 to €1,499, while 11.2% earned €1,500 to €1,749.
Pay gaps across industries remained significant. Those in finance and insurance led the pack with average monthly earnings of €4,710, while workers in agriculture, forestry and fishing earned the least, averaging €941.
Only two sectors saw pay cuts with real estate management down 2%, and mining and quarrying, off 0.8%. Both industries employ relatively few people, making their averages prone to swings.
The strongest gains came from information and communication (up 8.1%), health and social work (7.6%) and water supply and waste management (6.9%).
Earnings also varied by nationality. Cypriot employees earned an average of €2,506 per month, compared with €2,434 for non-Cypriots. Salaries grew 5.4% for Cypriots and 4.3% for foreign workers.
The data show that non-Cypriot workers are more concentrated at both ends of the pay scale, among those making under €1,500 and those earning €6,000 or more, suggesting a polarized labor market for foreign staff.
Even with higher pay packets, many households say they’re struggling to keep up with rising living costs. Persistent inflation, steep rents and expensive groceries have eroded much of the wage growth. Economists warn that maintaining solid wage increases without triggering another surge in prices will be a key test for 2025.
