The average gross monthly earnings for employees in Cyprus rose by 5.1% in 2024 to reach €2,483, although this growth represents a slowdown from the 7.3% increase recorded the previous year. According to the Statistical Service, the median monthly earnings stood at €1,881.
A Look at the Salary Landscape
The data reveals a wide distribution of earnings across the workforce. The most common salary bracket, accounting for 14.2% of all employees, was between €1,000 and €1,249 per month.
This was followed by the €1,250 to €1,499 bracket (11.6% of employees) and the €1,500 to €1,749 bracket (11.2%), indicating that a significant portion of the workforce earns below the national average.
Sector Spotlight: Finance Pays Most, Tech Grows Fastest
Earnings varied dramatically between different sectors of the economy. The Financial and Insurance Activities sector offered the highest average monthly salary at €4,710, while the Agriculture, Forestry, and Fishing sector had the lowest at €941.
While most sectors saw an increase in earnings, the Information and Communication sector recorded the largest annual growth at 8.1%. In contrast, the Real Estate and Mining sectors saw small decreases, though the Statistical Service noted these sectors employ fewer people, making them prone to larger fluctuations.
Earnings Comparison: Cypriot vs. Non-Cypriot Employees
The report also highlighted differences in earnings based on nationality.
- Cypriot employees earned an average of €2,506 per month, with a median of €2,053.
- Non-Cypriot employees earned an average of €2,434 per month, with a significantly lower median of €1,544.
Interestingly, the data showed that non-Cypriot employees were more highly represented in both the lowest (<€1,500) and the highest (≥€6,000) salary brackets compared to their Cypriot counterparts.
Source: Stockwatch.com.cy