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Annual Change 5.7%
According to preliminary data, average gross monthly compensation of employees in the first quarter of 2024 is estimated at €2,378 compared to €2.251 in the first quarter of 2023, an increase of 5.7%.
Average gross earnings, adjusted for seasonal variations, in the first quarter of 2024 are estimated at €2,424, an increase of 1.5% compared to the fourth quarter of 2023.
Note: From Q1 2023 onwards, data are preliminary.
Average gross monthly earnings for men in Q1 2024 are estimated at €2,564 and for women at €2,145. Compared to the first quarter of 2023, average monthly earnings for men and women increased by 6.0% and 5.1% respectively.
|
Table 1 |
[TR] [TD]
Gender
[/TD] [TD]
Average monthly earnings (€)
[/TD] [TD]
Change (%)
[/TD] [/TD] [/TR] [TR] [TD]Unadjusted
[/TD] [TD]Seasonally adjusted
[/TD] [/TD] [TD]With corresponding quarter of the previous year (earnings without correction)
[/TD] [/TD] [TD]With the previous quarter (seasonally adjusted earnings)
[/TD] [/TD] [/TR] [TR] [TD]Total
[/TD] [/TR] [TR] [TD]1st Quarter 2024
[/TD] [/TD] [TD]2.378
[/TD] [TD]2,424
[/TD] [TD]5.7
[/TD] [TD]1.5
[/TD] [/TR] [TR] [TD]4th Quarter 2023
[/TD] [TD]2.663
[/TD] [TD]2.388
[/TD] [TD]5.0
[/TD] [TD]1.3
[/TD] [/TR] [TR] [TD]1st Quarter 2023
[/TD] [TD]2.251
[/TD] [TD]2.303
[/TD] [TD]8.3
[/TD] [TD]2.0
[/TD] [/TR] [TR] [TD]
Men
[/TD] [/TR] [TR] [TD]1st Quarter 2024
[/TD] [TD]2.564
[/TD] [TD]2.609
[/TD] [TD]6.0
[/TD] [TD]1.6
[/TD] [/TR] [TR] [TD]4th Quarter 2023
[/TD] [TD]2.839
[/TD] [TD]2.567
[/TD] [TD]5.0
[/TD] [TD]1.4
[/TD] [/TD] [/TR] [TR] [TD]1st Quarter 2023
[/TD] [TD]2.418
[/TD] [TD]2.471
[/TD] [TD]8.6
[/TD] [TD]2.0
[/TD] [/TR] [TR] [TD]
Women
[/TD] [/TR] [TR] [TD]1st Quarter 2024
[/TD] [TD]2.145
[/TD] [TD]2.193
[/TD] [TD]5.1
[/TD] [TD]1.3
[/TD] [/TR] [TR] [TD]4th Quarter 2023
[/TD] [TD]2.443
[/TD] [TD]2.165
[/TD] [TD]5.1
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]1st Quarter 2023
[/TD] [TD]2.040
[/TD] [TD]2.090
[/TD] [TD]7.6
[/TD] [TD]1.9
[/TD] [/TD] [/TR] [TR] [TD]Note: Due to rounding of compensation, the calculation of the change may differ from the percentage change shown in the table.
[/TD] [/TR]
The gender breakdown of Cypriot and non-Cypriot employees by group of gross monthly earnings in the first two months of 2024 (preliminary data) is as follows:
| Table 2 |
[TR] [TD]
[/TD] [TD]
Total
[/TD] [TD]Cypriots
[/TD] [TD]Non-CypriotsCypriots
[/TD] [/TR] [TR] [TD]Total
[/TD] [/TR] [TR] [TD]<€1.500
[/TD] [TD]40%
[/TD] [TD]34%
[/TD] [TD]52%
[/TD] [/TR] [TR] [TD]€1.500-€2.999
[/TD] [TD]38%
[/TD] [TD]42%
[/TD] [TD]29%
[/TD] [/TR] [TR] [TD]€3.000-€4,499
[/TD] [TD]12%
[/TD] [TD]15%
[/TD] [TD]7%
[/TD] [/TR] [TR] [TD]€4.500-€5,999
[/TD] [TD]6%
[/TD] [TD]6%
[/TD] [TD]5%
[/TD] [/TR] [TR] [TD]>=€6.000
[/TD] [TD]4%
[/TD] [TD]3%
[/TD] [TD]7%
[/TD] [/TR] [TR] [TD]Άνδρες
[/TD] [/TR] [TR] [TD]<€1.500
[/TD] [TD]36%
[/TD] [TD]30%
[/TD] [TD]48%
[/TD] [/TR] [TR] [TD]€1.500-€2,999
[/TD] [TD]40%
[/TD] [TD]46%
[/TD] [TD]30%
[/TD] [/TR] [TR] [TD]€3.000-€4.499
[/TD] [TD]12%
[/TD] [TD]15%
[/TD] [TD]7%
[/TD] [/TR] [TR] [TD]€4.500-€5.999
[/TD] [TD]6%
[/TD] [TD]6%
[/TD] [TD]5%
[/TD] [/TR] [TR] [TD]>=€6.000
[/TD] [TD]6%
[/TD] [TD]4%
[/TD] [TD]9%
[/TD] [/TR] [TR] [TD]Γυναίκες
[/TD] [/TR] [TR] [TD]<€1.500
[/TD] [TD]44%
[/TD] [TD]39%
[/TD] [TD]57%
[/TD] [/TR] [TR] [TD]€1.500-€2,999
[/TD] [TD]36%
[/TD] [TD]39%
[/TD] [TD]27%
[/TD] [/TR] [TR] [TD]€3.000-€4.499
[/TD] [TD]12%
[/TD] [TD]14%
[/TD] [TD]7%
[/TD] [/TR] [TR] [TD]€4.500-€5.999
[/TD] [TD]5%
[/TD] [TD]6%
[/TD] [TD]4%
[/TD] [/TR] [TR] [TD]>=€6.000
[/TD] [TD]3%
[/TD] [TD]2%
[/TD] [TD]4%
[/TD] [/TR]
Methodological Information
Identity
Average monthly earnings are calculated by dividing the total gross earnings, before deducting any contributions to compulsory social security funds, by the total number of employees who received such remuneration. The source of the data is the file of the Social Security Services. The results are published on a quarterly basis. The calculation of average monthly earnings for the reference quarter is based on the first two months of the quarter.
Data coverage
All economic activities are covered, based on the Statistical Classification of Economic Activities in the Community (NACE Rev. 2), except Sector T: Activities of households as employers and Sector U: Activities of NPISHs.
All employees registered in the Social Security Institution File are covered. Excludes persons with earnings less than the minimum permissible threshold set by the Statistical Service as an indication of persons who were not in regular employment during the reference period (e.g. persons who received only some retroactive payment, persons who worked very few hours, etc.). The minimum allowable earnings threshold is revised every year, depending on the level of the minimum wage under the Minimum Wage Decree until 2022 and under the Minimum Wage Law from 2023 onwards.
Extraordinary Methodological Adjustment
The calculations include, regardless of the amount of their remuneration, those employees who participated in the Special Plans under the Support Measures for Employees for Pandemic Response of the Ministry of Labour and Social Insurance from April 2020 to October 2021.
Definitions
Employees' Average Monthly Earnings include the basic salary, the indexed allowance, overtime pay, the Leave Fund, any allowances received by employees during the reporting period, as well as retroactive payments. Allowances include both fixed and non-fixed payments (13th salary, 14th salary, bonuses, etc.).
The special contributions of private sector employees (2012-2016) and of officials and employees of the state service and the wider public sector (1/9/2011-31/12/2016) and the reductions in the remuneration of officials and employees of the state service and the wider public sector (from 01/12/2012 to 31/12/2022) do not affect the gross salary, but the disposable income of employees. Therefore, they are not reflected in the above figures.
It is clarified that with regard to employees who participated in the Special Plans under the Pandemic Support Measures for Employees of the Ministry of Labour and Social Insurance, the amount taken into account is the remuneration paid by the employer and does not include any amount paid as an allowance by the Ministry of Labour and Social Insurance.
Average Monthly Earnings, adjusted for seasonal variations, are the average monthly earnings of employees, having removed the effect of the seasonal factor from the figures. Special statistical methods shall be used to calculate the seasonally adjusted figures. Seasonally adjusted data are used to compare data for a particular period of time with other periods, for example, the immediately preceding quarter, i.e. where the seasonality factor affects the data.
Percentage Change - Comparison with the corresponding quarter of the previous year is the percentage change in average monthly earnings, comparing the data for a particular quarter with the corresponding quarter of the previous year. Because the comparison is made between corresponding periods of different years, there is no need to use seasonally adjusted data in the comparison, since the seasonal factor is the same for the periods being compared.
Percentage Change - Comparison with previous quarter (Earnings adjusted for seasonal variations) is the percentage change in average monthly earnings, comparing the data for a given quarter with the immediately preceding quarter. Because the seasonal factor is different between two consecutive quarters, it is necessary to use the seasonally adjusted average monthly earnings data in the calculation of the percentage change.
Data availability
Data are published in the online database of the Statistical Office CYSTAT-DB. Data are available from the first quarter of 2003.
For more information, interested parties can visit the Statistical Office Portal, under Labour Costs and Compensation, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Ms Fani Lagoux by phone at 22602115 or by email at plagou@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to Q4 2021. For data from Q1 2022 onwards, the update is done only in the CYSTAT-DB Database.
(GA/EP)
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