Newsroom
Now that the Cost of Living Allowance agreement was signed yesterday, it’s a good moment to take a closer look at how Cypriots’ salaries stack up against their European neighbors, and the numbers tell an eye-opening story.
According to the latest Eurostat data, the average full-time annual salary in Cyprus in 2024 was €27,611, roughly €12,200 below the EU average of €39,800. The gap highlights the wide pay disparities across Europe, with Luxembourg leading the pack at €83,000 per year, followed by Denmark (€71,600) and Ireland (€61,100). At the bottom of the list, Bulgaria (€15,400), Greece (€18,000) and Hungary (€18,500) reported the lowest averages.
The figures underline Cyprus’ lower-middle position in the EU wage hierarchy but also show gradual gains, giving workers a small silver lining as the island navigates rising living costs.
Despite trailing the EU average, Cypriot wages have been steadily rising. The average full-time salary grew from €24,203 in 2022 to €26,668 in 2023, reaching €27,611 in 2024.
The EU as a whole also saw growth, with the average annual salary climbing 5.2% from €37,800 in 2023 to €39,800 in 2024.
The figures underline Cyprus’ lower-middle position in the EU wage hierarchy but also show gradual gains, giving workers a small silver lining as the island navigates rising living costs.
