Cyprus sees 5.7 per cent rise in average gross monthly earnings in first quarter

The average gross monthly earnings of employees in Cyprus saw a 5.7 per cent increase during the first quarter of 2024, reaching €2,378 compared to €2,251 in the same period of 2023, according to a report from the Cyprus Statistical Service (Cystat).

Furthermore, the seasonally adjusted average gross earnings for the first quarter of 2024 are estimated at €2,424, marking a 1.5 per cent rise from the fourth quarter of 2023.

The statistical service reported that the average gross monthly earnings for men in the first quarter of 2024 were estimated at €2,564, while for women, they were €2,145.

Compared to the first quarter of 2023, the average monthly earnings for men and women increased by 6.0 per cent and 5.1 per cent, respectively.

Preliminary data revealed the distribution of gross monthly earnings among employees in the first two months of 2024.

Forty per cent of employees earned below €1,500, with 34 per cent being Cypriots and 52 per cent non-Cypriots.

Thirty-eight per cent earned between €1,500 and €2,999, comprising 42 per cent Cypriots and 29 per cent non-Cypriots.

Twelve per cent earned between €3,000 and €4,499, corresponding to 15 per cent Cypriots and 7 per cent non-Cypriots.

Six per cent earned between €4,500 and €5,999, with Cypriots and non-Cypriots each making up 6 per cent and 5 per cent, respectively.

Moreover, 4 per cent earned €6,000 or more, consisting of 3 per cent Cypriots and 7 per cent non-Cypriots.

Additionally, 36 per cent of men and 44 per cent of women earned less than €1,500. Among those earning between €1,500 and €2,999, 40 per cent were men and 36 per cent were women.

For earnings between €3,000 and €4,499, both men and women represented 12 per cent each.

In the €4,500 to €5,999 bracket, 6 per cent were men and 5 per cent were women.

Finally, the report noted that 6 per cent of men and 3 per cent of women earned €6,000 or more.