Cyprus earnings rise 0.4% (s/a) in Q4

Earnings in Cyprus rose in seasonally adjusted terms by 0.4% over the previous quarter in the last three months of 2010, according to the latest figures from the Statistical Service.
In absolute terms, i.e. not seasonally adjusted, earnings rose by 2.5% over the year earlier and reached EUR 2,224 per month, compared with EUR 2,171 in the same month of 2009.
However, since fourth quarter earnings are boosted by 13th salaries, the seasonally adjusted figure is probably a better indicator of the real average monthly earnings.
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.”
The seasonally adjusted figures, which exclude seasonal effects, show average earnings of EUR 1,970, compared with EUR 1,923 in the same period of 2009.
Males earn 22% more, with seasonally adjusted monthly earnings of EUR 2,149, compared with EUR 1,755 for females.
The Statistical Service does not publish a comparison of public- and private-sector wages but it is likely that average wages in the public sector are rather higher than those in the private sector.
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