Local
articles | 02 January 2014

Drop in average annual salary

The average gross monthly earnings in Cyprus for Q3 of 2013 have decreased, according to new figures released by the Statistical Service.

According to the preliminary estimations of the Statistical Service, the average gross monthly earnings of employees during the third quarter of 2013 amounted to €1.854 (males €2.021 and females €1.663). In comparison with the third quarter of 2012, a decrease of 1.7% was recorded in the average monthly earnings of employees (males -1.9% and females -1.2%). The corresponding percentage change observed during the third quarter of 2012 was 1.3%. In comparison with the second quarter of 2013 (seasonally adjusted data) there was a decrease of 0.3% in the average monthly earnings of employees (males -0.4% and females -0.2%). The corresponding percentage change observed during the third quarter of 2012 was 0%.

Deductions to the earnings of employees in the broad public sector, in place from the fourth quarter of 2011 and 2012, do not affect the gross salary of employees but only their net income. Consequently, while these deductions reduce the disposable income of employees, they are not reflected in the fluctuation of gross earnings and the figures above.

Source: Famagusta Gazette

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