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12° Nicosia,
18 July, 2024
 
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153,000 people struggle with low incomes and high living costs

In Cyprus, women are still more affected than men; social benefits play key role in reducing poverty

Newsroom

The share of Cyprus' population at risk of poverty or social exclusion remained steady at 16.7% in 2023, according to the Statistical Service of Cyprus (Cystat). This means that approximately 153,000 people in Cyprus are struggling with low incomes and high living costs.

The percentage of people at risk of poverty, defined as those with incomes below 60% of the median, also stayed unchanged at 13.9%, or 128,000 individuals.

Women continue to be more affected, with 18.1% at risk compared to 15.3% of men.

Social benefits and pensions are crucial in reducing poverty. Without these, 33.1% of the population would be at risk. Including pensions lowers this to 20%, and further social benefits reduce it to 13.9%.

The cost of living is rising, with the poverty threshold increasing to €11,324 for single-person households and €23,780 for families with two adults and two children. The median disposable income rose to €18,873 from €17,856 last year.

Despite economic improvements, many Cypriots still face financial challenges, highlighting the need for ongoing support and policies to address income inequality.

[With information from CNA]

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Cyprus  |  economy

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