Annual average gross monthly earnings of employees in 2021 increased by 3.2% to €2,067, reaching a decade high.
In monetary terms, the average gross monthly earnings have increased by 3.2% compared to the previous year.
However, in real terms (using the Consumer Price Index), the increase is 0.7%. The median gross monthly earnings of employees were €1,614.
The earnings of employees exceeded the levels of 2012, the year before the outbreak of the financial crisis in Cyprus, when the average gross salary was €1,988, and the median gross monthly salary was €1,611.
However, earnings have been on a downward trend since 2013 and started recovering in 2017.
Average gross monthly earnings by economic activity range from €913 in the Agriculture, Hunting and Forestry sector to €3,697 in the Financial and Insurance Activities.
Regarding the percentage distribution of employees by monthly gross earnings and sex, the highest percentage (14.5%) is observed among employees who receive between €1000 and €1249.
The Average monthly earnings of employees are calculated by dividing the total gross earnings before any deductions for compulsory social security contributions by the total number of employees who received remuneration.