Cyprus salaries lag as EU average climbs, Eurostat data show

06:11 - 14 November 2024

Economy

Eurostat’s latest data for 2023 shows a 6.5% bump in the EU’s annual full-time adjusted salary for employees, reaching €37,900, up from €35,638 the previous year. However, Cyprus trails behind the EU average with a modest 4.3% increase, bringing its average salary to €26,430 from €25,338 in the same period.

At the top of the pay scale, Luxembourg led with an average annual salary of €81,100, followed by Denmark (€67,600) and Ireland (€58,700). Meanwhile, Bulgaria (€13,500), Hungary (€16,900), and Greece (€17,000) posted the bloc’s lowest averages.

A closer look at Cyprus’ salary landscape from the Cyprus Statistical Service, updated in November 2024, paints a mixed picture. Average gross monthly earnings hit €2,363 in 2023, reflecting a 7.3% increase from the previous year, with the median gross monthly wage landing at €1,792. Yet the highest concentration of Cypriot workers (14.9%) fell within the €1,000 to €1,249 monthly pay range, followed by those in the €1,250-€1,499 (11.7%) and €1,500-€1,749 (10.8%) brackets. Gender disparity is also evident: nearly half of female employees (46.4%) earn less than €1,500 monthly, compared to 38.2% of their male counterparts.

The financial and insurance sector remains the highest-paying at €4,493 per month, while the ICT sector led in growth, marking a 14.5% increase to an average of €3,899.

It is reminded that January 2024 brought a new national minimum wage policy in Cyprus, setting the floor at €1,000 gross monthly for full-time employees with over six months of continuous employment. Those with shorter tenures see a minimum wage of €900.

Cyprus salaries lag as EU average climbs, Eurostat data show

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