Nicosia: The average gross monthly earnings of employees for 2024 increased to £2,483, marking a 5.1% rise compared to £2,363 in 2023. This increase follows a previous rise of 7.3% in 2023. The median gross monthly earnings for employees were recorded at £1,881.
According to Cyprus News Agency, the Statistical Service estimates that the highest percentage of employees (14.2%) earn between £1,000 and £1,249. This is followed by employees earning between £1,250 and £1,499 (11.6%) and those earning between £1,500 and £1,749 (11.2%).
The average earnings by branch of economic activity in 2024 range from £941 in the Agriculture, Forestry, and Fishing sector to £4,710 in the Financial and Insurance Activities sector. A decrease of 2% was noted in the Real Estate Activities sector, and a 0.8% decrease in the Mining and Quarrying sector, which employ fewer workers, making fluctuations more pronounced.
In contrast, other sectors saw increases, with the Information and Communication sector experiencing the highest rise at 8.1%, followed by the Human Health and Social Work Activities sector at 7.6%, and the Water Supply, Sewerage, Waste Management, and Remediation Activities sector at 6.9%.
The average gross monthly earnings for Cypriots in 2024 were £2,506, while non-Cypriots earned £2,434. The annual change for Cypriot employees was 5.4%, compared to 4.3% for non-Cypriots. Median earnings were reported at £2,053 for Cypriots and £1,544 for non-Cypriots. Non-Cypriot employees had higher percentages in the lower earning brackets compared to Cypriots.