CYPRUS: Average monthly earnings rise 2.9% to EUR 2,222

Average gross monthly earnings of Cyprus employees increased 2.9% during Q4 2018 reaching Euros 2,222 compared to Euros 2,158 during the same period of 2017, based on provisional data.

The average gross monthly earnings during Q4 2018, seasonally adjusted, are estimated at Euros 1,949 compared to Euros 1,953 during Q3 2018, a decrease of 0.2%.

The average gross monthly earnings of male employees during Q4 2018 are estimated at Euros 2,364 and of female employees at Euros 2,050.

Compared to Q4 2017, the average gross monthly earnings of male employees recorded an increase of 2.7% while female employees saw an increase of 3.1%.

Average monthly earnings of employees include the basic salary, the cost of living allowance, earnings for overtime, the Holiday Fund, any other allowances received during the reference period and payments in arrears.

The average is calculated by dividing the total gross earnings before any deductions for compulsory social security contributions, by the total number of employees who received remuneration.

Temporary contributions of employees of the private sector (2012-2016) and officials and employees of the central government and the broad public sector (1/9/2011-31/12/2016) and the deductions in earnings of officials and employees of the central government and the broad public sector (since 01/12/2012), do not affect the gross salary of employees but only their net income.

Consequently, they are not reflected in the figures above.

Source: The Financial Mirror