Employee monthly earnings in Cyprus rise, reach average of €2,224

There was a notable rise of 6.2 per cent in the average gross monthly earnings of employees in Cyprus during the third quarter of 2023, totalling €2,224, compared to €2,094 in the same period of 2022, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

Moreover, according to the report, when adjusted for seasonal fluctuations, the estimated average gross earnings stand at €2,371 for the third quarter of the year, marking a 1.4 per cent increase compared to the second quarter of 2023.

Breaking down the figures, the statistical service reported that the average gross monthly earnings for men during the third quarter were estimated to stand at €2,390.

In addition, average gross monthly earnings for women were calculated to stand at €2,015.

When comparing these numbers to the third quarter of the previous year, there was an increase of 6.1 per cent for men and 6.2 per cent for women in their average monthly earnings.

The rise in earnings indicates a positive trend in remuneration for employees, showcasing an overall improvement in the financial landscape for workers in Cyprus during the third quarter of 2023.

The statistical service plans to release a detailed report outlining the factors contributing to this surge in earnings in the coming weeks.

The full Cystat report can be viewed here.