Cypriot households need more than €2,000 a month to get by, well over the median wage of €1,573, while inflation continues to erode their income.
According to a Phileleftheros daily report, an average Cypriot family of four cannot get by on one minimum salary, pushing them into poverty.
A family of four must put a roof over its head by renting or buying a three-bedroom apartment or house.
Renting an apartment in the capital Nicosia would cost a household between €800 to €1,000.
If a family can afford a bank loan to buy property, their monthly instalments will be between €900 and €1,000 for a mortgage of €200,000.
Next on the list would be shopping for food and other essentials, adding another €400 to €500 to a household’s monthly budget.
After securing a roof over their heads and putting the necessary food on the table, a household will need to cover the expenses for transportation needs, such as getting to work and taking the kids to school and their afternoon activities.
As Phileleftheros calculates, that would mean a minimum of €100 to €200 for fuel. The cost of maintaining a vehicle has not been added to the calculation.
Expenses for basic commodities don’t end there, as the household has to secure running water, electricity, and internet, adding at least €400 to the overall bill.
The bill is further inflated when the cost of children’s extracurricular activities and private lessons are added.
Additional costs may apply if the family has a young child under six.
A family’s life, however, cannot be confined to the very basics; there is going out to eat or on an excursion once a month.
At the end of every month, a family will have seen a minimum of €1,500 to €2,100 spent on a very tight budget.
The study does not consider clothing costs, unexpected expenses like repairing or replacing a family vehicle, or damage to the home. Also not included are car insurance costs and road tax.
According to the Cyprus Statistical Service, the median wage in Cyprus is €1,573, while the EU-SILC European survey calculates it at €1,727, 9% higher than CyStat.
A national minimum wage set at €940 comes into effect next January.