Annual increase of 5.7% in average gross monthly employee earnings in Q1 2024

08:00 - 01 July 2024

Economy Reporter

Average gross monthly earnings of employees increased by 5.7% in the first quarter of 2024, amounting to €2,378, compared to €2,251 in the first quarter of 2023, according to preliminary data from CySTAT.

In addition, average gross monthly earnings, seasonally adjusted, in the first quarter of 2024 are estimated at €2,424 and compared to the fourth quarter of 2023, there is an increase of 1.5%.

According to CySTAT, the average gross monthly earnings of male employees in the first quarter of 2024 are estimated at €2,564 and of female employees at €2,145.

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

It is added that according to preliminary data, 40% of employees recorded in the first two months of 2024 gross monthly earnings below €1,500 (34% of Cypriots and 52% of non-Cypriots), 38% between €1,500 - €2. 999 (42% of Cypriots and 29% of non-Cypriots), 12% between €3,000 - €4,499 (15% of Cypriots and 7% of non-Cypriots), 6% between €4,500-€5,999 (6% of Cypriots and 5% of non-Cypriots) and 4% greater than or equal to €6,000 (3% of Cypriots and 7% of non-Cypriots).

Moreover, 36% of men and 44% of women received below €1,500, 40% of men and 36% of women between €1,500 - €2,999, 12% of men and 12% of women between €3,000 - €4,499, 6% of men and 5% of women between €4,500-€5,999 and 6% of men and 3% of women greater than or equal to €6,000.

(Source: CNA)

Annual increase of 5.7% in average gross monthly employee earnings in Q1 2024

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