The average monthly gross earnings of employees in Cyprus for 2024 are estimated at €2,487, compared to €2,363 in 2023—reflecting a 5.3% increase year-on-year, according to preliminary figures released on Wednesday by the Statistical Service of Cyprus. The median monthly gross earnings for employees were recorded at €1,887 (~ €1,650 net).

In 2023, the corresponding annual increase in average gross monthly earnings stood at 7.3%.

In the fourth quarter of 2024, average gross monthly earnings are estimated at €2,813, up from €2,680 in the same quarter of 2023—marking a 5% increase. During this period, seasonally adjusted figures also show a 1.2% rise in average gross earnings compared to the third quarter of 2024.

In Q4 2024, average gross monthly earnings for men are estimated at €2,979, while for women they are €2,606. Compared to Q4 2023, male earnings increased by 4.3%, and female earnings by 5.9%.

Median earnings provide a better representation of the true wage situation than average earnings because they are less influenced by extreme values. Average earnings can be skewed by a small number of individuals with very high salaries, giving a distorted view of typical earnings. In contrast, median earnings reflect the midpoint of the income distribution, offering a more accurate picture of what most employees earn.