Monthly earnings of employees in Cyprus rise 7.3% in 2023

07:58 - 07 November 2024

Economy Reporter

The average gross monthly earnings for employees in Cyprus reached €2,363 in 2023, a 7.3% increase from €2,202 in 2022, marking a continued rise in income levels after a 7.1% uptick the previous year.

According to CySTAT, the median gross monthly earnings stood at €1,792.

Significant differences are recorded based on gender, nationality, and industry, with the ICT and Financial Activities sectors showing the largest increase.

The data show that the highest proportion of employees (14.9%) earned between €1,000 and €1,249 monthly, followed by those in the €1,250 to €1,499 (11.7%) and €1,500 to €1,749 (10.8%) ranges. A significant gender gap is also evident, with 46.4% of women earning below €1.500 compared to 38.2% of men, indicating a higher concentration of women in lower income brackets.

Sector-specific data reveal significant income variation, with average monthly earnings ranging from €924 in the Agriculture, Forestry, and Fishing sector to €4.493 in the Financial and Insurance sector. Growth rates also varied, with the Information and Communication sector (ICT) seeing the highest increase at 14.5%, followed by Mining and Quarrying (12.8%), Financial and Insurance (12.0%), and Administrative and Support Services (10.0%). The smallest increase was seen in Agriculture and Transport sectors, both at 0.7%.

The average gross monthly earnings also show differences between Cypriot and non-Cypriot workers. Cypriots earned an average of €2,377, while non-Cypriots earned €2,334, with median earnings at €1,938 for Cypriots and €1,463 for non-Cypriots. Non-Cypriots showed higher representation in both the lowest (under €1,500) and highest (above €6,000) income brackets, contributing to wider income disparity.

(Source: CNA)

Monthly earnings of employees in Cyprus rise 7.3% in 2023

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