The average gross monthly earnings of employees in Cyprus remain on an upward trend, recording an increase of 2.9% in the fourth quarter of 2018 compared to the same quarter the year before. Employee earnings in the fourth quarter of 2018 are estimated at €2,222 compared to €2,158 in the fourth quarter of 2017, according to preliminary data released by the Statistical Service.
Seasonally adjusted average gross earnings in the fourth quarter of 2018 are estimated at €1,949 compared to €1,898 in the fourth quarter of 2017. The average gross monthly earnings for men in the fourth quarter of 2018 are estimated at €2,364 and for women at €2,050. Compared to the fourth quarter of 2017, the average monthly earnings for men rose by 2.7% and that of women by 3.1%.
The average monthly earnings of employees include basic salary, indexation allowance, overtime pay, License Fund, any allowances received by employees during the referred period, as well as back payments. The average earnings are calculated by dividing the total gross earnings before deducting any contributions to the compulsory social security funds, for all employees who received remuneration.
The extraordinary contributions of private sector employees and officials and employees of the government and of the wider public sector and the reductions in the income of officials and employees of the government and of the wider public sector do not affect the gross salary but the disposable income of employees. Therefore, they are not reflected in the above figures.
The data used to calculate the average monthly earnings include data for all employees for whom the employer has paid contributions to the Social Insurance Fund.