The average gross monthly earnings of employees for 2024 were €2,483 compared to €2,363 in 2023 recording an increase of 5.1% compared to the previous year. For 2023 the corresponding increase was 7.3%. Median gross monthly earnings of employees were €1,881.
According to CySTAT estimates, the highest percentage of employees (14.2%) is observed among employees who earn between €1,000 and €1,249, followed by the groups of employees who earn between €1,250 and €1,499 (11.6%) and those who earn between €1,500 and €1,749 (11.2%).
The average gross monthly earnings by branch of economic activity, for 2024, range from €941 in the Agriculture, Forestry and Fishing sector to €4,710 in the Financial and Insurance Activities sector.
Compared to 2023, there is a decrease of 2% in the Real Estate Activities sector and of 0.8% in the Mining and Quarrying sector. It is noted that these sectors employ a small number of workers, which results in more pronounced fluctuations. This means, it says, that small changes in the composition of the workforce or other factors can have a greater impact on the results of these sectors.
In all other economic activity sectors, an increase is observed compared to the previous year, with the largest increase occurring in the Information and Communication sector (8.1%), followed by the Human Health and Social Work Activities sector (7.6%) and the Water Supply, Sewerage, Waste Management and Remediation Activities sector (6.9%).
The average gross monthly earnings of Cypriots for 2024 was €2,506 and of non-Cypriots €2,434. The annual change in average gross monthly earnings for Cypriot employees was 5.4% and for non-Cypriot employees it was 4.3%.
It says that the median gross monthly earnings for Cypriot employees were €2,053 and for non-Cypriot employees were €1,544.
Compared to Cypriot employees, non-Cypriot employees have higher percentages in both the lowest (<€1,500) and highest (≥€6,000) earnings groups, it concludes.
(Source: CNA)
