Cyprus average wage at EUR 1,697

According to the preliminary estimations of the Statistical Service, the average monthly earnings of employees during the second quarter of 2008 reached EUR 1,697 (CYP 993), which is 5.4% higher than in the same period of 2007.
Unionised Cypriot employers enjoy a biannual pay rise that is linked to inflation—something which has drawn criticism from the European Central Bank and the Central Bank Governor, Athanasios Orphanides.
Male salaries rose by 4.9% and female salaries by 6.3%. However, the wedge between males and females is still large, with males earning 28% more than females at EUR 1,882 compared with the females average of EUR 1,467.
The Statistical Service noted that the increase in the salaries of government employees, which was agreed at 2% and which was paid in July in arrears from January 2008, is not included in the data.
This is also the case for the increase in the wages of employees in the construction sector, resulting from the renewal of collective pay agreements in July, which will be paid in arrears as from January 2008.
In both cases the increase in wages and salaries will be recorded in the third quarter of the year, when the arrear payments materialised.
In comparison with the first quarter of 2008 (seasonally adjusted data) there was an increase of 2.0% in the average monthly earnings of employees (males 1,8% and females 2.8%), which mainly reflects the payment of the 14th salary by a number of employers.