Average Monthly Earnings of Employees: 4th quarter 2024 and annual data 2024 (Preliminary)
From:
Increase 5,3% for 2024
Based on provisional data, the average gross monthly earnings of employees, during the fourth quarter of 2024, amounted to €2.813 compared to €2.680 during the fourth quarter of 2023, i.e. an increase of 5,0% is observed. (Table 1)
For the fourth quarter of 2024, there is an increase in seasonally adjusted average gross monthly earnings compared to the third quarter of 2024, of 1,2%. (Table 1)
The average gross monthly earnings of male employees during the fourth quarter of 2024 are estimated at €2.979 and of female employees at €2.606. Compared to the fourth quarter of 2023, the average gross monthly earnings of male and female employees recorded an increase of 4,3% and 5,9% respectively. (Table 1)
Based on provisional data, the average gross monthly earnings of employees for the year 2024 were €2.487 compared to €2.363 in 2023. The average gross monthly earnings have increased by 5,3% compared to the previous year. For 2023, the corresponding increase was 7,3%. Median gross monthly earnings of employees were €1.887. (Figure 2)
Figure 1: Average Gross Monthly Earnings of Employees, Quarterly
Note: From the 1st quarter of 2024 onwards, data are provisional.
| Table 1: Average Gross Monthly Earnings of Employees by Sex, quarterly | ||||
| Sex | Average Gross Monthly Earnings (€) | Percentage Change (%) | ||
| Unadjusted | Seasonally adjusted | To the same quarter of the previous year (unadjusted earnings) | To the previous quarter (seasonally adjusted earnings) | |
| Total | ||||
| 4th Quarter 2024 | 2.813 | 2.532 | 5,0 | 1,2 |
| 3rd Quarter 2024 | 2.352 | 2.503 | 5,5 | 1,2 |
| 4th Quarter 2023 | 2.680 | 2.409 | 5,7 | 1,3 |
| Males | ||||
| 4th Quarter 2024 | 2.979 | 2.712 | 4,3 | 1,0 |
| 3rd Quarter 2024 | 2.528 | 2.686 | 5,5 | 1,1 |
| 4th Quarter 2023 | 2.856 | 2.590 | 5,6 | 1,4 |
| Females | ||||
| 4th Quarter 2024 | 2.606 | 2.310 | 5,9 | 1,5 |
| 3rd Quarter 2024 | 2.133 | 2.275 | 5,5 | 1,4 |
| 4th Quarter 2023 | 2.460 | 2.183 | 5,8 | 1,2 |
Notes:
- Due to the rounding of earnings, the calculation of the change may differ from the percentage change presented in the table.
- From the 1st quarter of 2024 onwards, data are provisional.
Figure 2: Average and Median Gross Monthly Earnings, 2010 – 2024
Note: The data for 2024 are preliminary.
| Table 2: Distribution of Cypriot and Non-Cypriot Employees by Group of Gross Monthly Earnings and Sex, 2024 | |||
| Gross Monthly Earnings by Sex | Distribution of Employees | ||
| Total | Cypriots | Non-Cypriots | |
| Total | |||
| <€1.500 | 38% | 32% | 50% |
| €1.500-€2.999 | 38% | 42% | 31% |
| €3.000-€4.499 | 13% | 15% | 7% |
| €4.500-€5.999 | 6% | 6% | 5% |
| >=€6.000 | 5% | 4% | 7% |
| Males | |||
| <€1.500 | 34% | 28% | 47% |
| €1.500-€2.999 | 40% | 45% | 31% |
| €3.000-€4.499 | 13% | 16% | 7% |
| €4.500-€5.999 | 6% | 6% | 5% |
| >=€6.000 | 7% | 5% | 9% |
| Females | |||
| <€1.500 | 42% | 37% | 55% |
| €1.500-€2.999 | 36% | 39% | 29% |
| €3.000-€4.499 | 12% | 14% | 7% |
| €4.500-€5.999 | 6% | 6% | 4% |
| >=€6.000 | 4% | 3% | 4% |
Note: The data for 2024 are preliminary.
Figure 3: Distribution of Cypriot and Non-Cypriot Employees by Group of Gross Monthly Earnings, 2024
Note: The data for 2024 are preliminary.
Methodological Information
Identity
The Average Monthly Earnings of employees are calculated by dividing the total gross earnings before any deductions for compulsory social security contributions, by the total number of employees who received remuneration. The data source is the records of the Social Insurance Services. The results of the current publication are published both on a quarterly and on an annual basis.
Data Coverage
All sectors of economic activities according to the Statistical Classification of Economic Activities in the European Community (NACE Rev.2) are covered, except for Section T: Activities of households as employers and Section U: Activities of extraterritorial organisations and bodies.
All employees recorded at the Social Insurance Services’ Records are covered. Persons with remuneration indicating that no regular work has been performed during the reference period are excluded from the data (e.g. persons who received arrear payments only, persons who worked for a limited number of hours, etc.). The minimum amount of earnings acceptable in order to be included in the data is revised every year, based on the level of the minimum wage according to the Minimum Wage Order until 2022 and in accordance with the Minimum Wage Law from 2023.
Definitions
Average Monthly Earnings of employees include the basic salary, the cost-of-living allowance, earnings for overtime, the Holiday Fund, any other allowances received by employees during the reference period and payments in arrears. Allowances include both regular and irregular payments (13th salary, 14th salary, bonuses etc).
The 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 (01/12/2012 – 31/12/2022), do not affect the gross salary of employees, but only their net income. Consequently, they are not reflected in the figures above.
It is clarified that, as regards the employees who participated in the Special Schemes under the Employees’ Support Schemes to deal with the pandemic of the Ministry of Labour and Social Insurance, the amount taken into account is the earnings paid by the employer and does not include any amount paid as an allowance by the Ministry of Labour and Social Insurance.
Seasonally Adjusted Average Monthly Earnings are the average monthly earnings of employees, after removing the seasonal effect from the data. The removal of the seasonal component from the data is performed, using appropriate statistical techniques. Seasonally adjusted data are used in the comparison of data of a specific time period, with other periods, such as the previous quarter, where the seasonal factor affects the data.
The Percentage Change – Compared to the same quarter of the previous yearis the percentage change of average monthly earnings, comparing data of a specific quarter, with the corresponding quarter of the previous year. The comparison is made between corresponding time periods of different years. Therefore, there is no need to use the seasonally adjusted data, since the seasonal component is the same for the two periods.
The Percentage Change – Compared to the previous quarter (Seasonally Adjusted Earnings) is the percentage change of average monthly earnings, comparing data of a specific quarter, with the previous quarter. Due to the fact that the seasonal component is different between two consecutive quarters, it is necessary to use seasonally adjusted data for this comparison.
Data Availability
The data is published on CYSTAT’s online database CYSTAT-DB. Data is available from the first quarter of 2003.
For more information, please visit CYSTAT Portal, subtheme Labour Cost and Earnings, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Ms Phani Lagou: Tel: 22602115, Email: plagou@cystat.mof.gov.cy.
The data included in the Predefined Tables in Excel format are available up to the 4th Quarter 2021. Data from the 1st Quarter 2022 onwards are available only in the CYSTAT-DB Online Database.
(MS/AS)