Cyprus earnings up 2.3% y/y in Q1

Monthly earning rose by 2.3% over the same period of the previous year in the first quarter, according to the preliminary estimations of the Statistical Service.
This was lower than the 3% corresponding increase during the first quarter of 2010.
The average monthly earnings of employees during the first quarter of 2011 amounted to EUR 1,918, with males earning EUR 2,090 and females earning EUR 1,712.
While female earnings were lower, they rose more quickly, by 3.8% compared with an increase of 1.6% for males.
The Statistical Service said that the increase mainly reflects the payment of the Cost of Living Allowance (C.O.L.A.) on the gross earnings of employees, which was 0.92% as from July 2010 and 1.25% as from January 2011.
In comparison with the fourth quarter of 2010 (seasonally adjusted data) there was an increase of 1.0% in the average monthly earnings of employees (males 0.7% and females 1.6%).
The corresponding percentage change observed during the first quarter of 2010 was 1.1%.
According to the Statistical Service, the unadjusted figures include “the basic salary, the cost of living allowance, earnings for overtime, the Holiday Fund, any other allowances received by employees during the reference period and payments in arrears. The average is calculated by dividing the total gross earnings before any deductions for compulsory social security contributions, by the total number of employees who received remuneration.”