Employees' average gross monthly salaries increased by 6% in Q2 2024

According to initial information issued by the Cyprus Statistical Service, employees' average gross monthly earnings increased by 6% in the second quarter of 2024 when compared to the same time in 2023. The average monthly earnings increased from €2,262 in Q2 2023 to €2,398 in Q2 2024, the research states. Seasonally adjusted, their profits increased 1.6% from the previous quarter to an average of €2,475 for the quarter.

In Q2 2024, the average monthly salary for male employees was €2,606, while the average monthly salary for female employees was €2,141. This represents a 5.6% rise for women and a 6.4% increase for males over Q2 2023.

The data also highlighted the income distribution among employees. Approximately 39% of all employees earned below €1,500 per month, with another 39% earning between €1,500 and €2,999. Meanwhile, 12% had monthly earnings between €3,000 and €4,499, 6% earned between €4,500 and €5,999, and 4% earned €6,000 or more.

Differences in earnings were noted between Cypriot and non-Cypriot workers. About 34% of Cypriot employees earned less than €1,500, in contrast to 51% of non-Cypriot workers. Meanwhile, 3% of Cypriots and 7% of non-Cypriots earned €6,000 or more per month.

These findings reflect a continued upward trend in earnings across various employee demographics in Cyprus.