Employee earnings in Cyprus rise by 5.7% in early 2024

The average gross monthly earnings of employees in the first quarter of 2024 increased by 5.7%, reaching €2,378, compared to €2,251 in the same period of 2023, according to preliminary data from the Statistical Office.

Adjusted for seasonal variations, average gross earnings in the first quarter of 2024 are estimated at €2,424, marking a 1.5% increase from the fourth quarter of 2023.

The Statistical Office reports that the average gross monthly earnings for men in the first quarter of 2024 are estimated at €2,564, while women earned an average of €2,145. Compared to the first quarter of 2023, men's earnings increased by 6.0%, and women's earnings rose by 5.1%.

Preliminary data show that 40% of employees earned less than €1,500 per month in the first two months of 2024, with 34% of Cypriots and 52% of non-Cypriots in this category. Additionally, 38% of employees earned between €1,500 and €2,999 (42% of Cypriots and 29% of non-Cypriots), 12% earned between €3,000 and €4,499 (15% of Cypriots and 7% of non-Cypriots), 6% earned between €4,500 and €5,999 (6% of Cypriots and 5% of non-Cypriots), and 4% earned €6,000 or more (3% of Cypriots and 7% of non-Cypriots).

Among men, 36% earned less than €1,500 per month, 40% earned between €1,500 and €2,999, 12% earned between €3,000 and €4,499, 6% earned between €4,500 and €5,999, and 6% earned €6,000 or more. For women, 44% earned less than €1,500 per month, 36% earned between €1,500 and €2,999, 12% earned between €3,000 and €4,499, 5% earned between €4,500 and €5,999, and 3% earned €6,000 or more.

[Information sourced from CNA]