Cyprus earnings rise 7% y/y in Q1

Monthly earnings in Cyprus jumped by 7% compared with the same period of the previous year on the first quarter of 2009, as high inflation boosted index-linked wages.
According to the preliminary estimates of the Statistical Service, the average monthly earnings of employees during the first quarter of 2009 amounted to EUR, 1,818, with males earning EUR 1,999 and females EUR 1,590.
Male earnings rose by 6.6% and female earnings by 7.8%.
The Statistical Service reported that the increase mainly reflects the (inflation-linked) Cost of Living Allowance (COLA) added to the gross earnings of employees.
The COLA addition was 2.28% from July 2008 and 2.15% from January 2009. In addition, as from January 2009, employees of the government and semi-government sector received an increase of 1.5% in their gross earnings.
The Statistical Service did not provide a breakdown between the highly paid public sector and the private sector.
In comparison with the fourth quarter of 2008 (seasonally adjusted data) there was an increase of 0.4% in the average monthly earnings of employees (males 0,3% and females 0.4%).