Insider Business Salaries in Cyprus on the rise in 2018

Salaries in Cyprus on the rise in 2018

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.

 

Read more:

https://in-cyprus.com/president-ministers-end-voluntary-cut-to-salaries/

 

Top Stories

N.Irish Catholic leader and Nobel Peace laureate John Hume dies

John Hume, a key architect of Northern Ireland's Good Friday peace agreement and winner of the Nobel Peace Prize, died on Monday at the...

Cyprus downgrades Greece to coronavirus category B country-UPDATED

As from Thursday, Greece will be included in category B of countries whose travellers need to provide negative coronavirus tests upon arrival to Cyprus. The...

95 octane petrol and diesel prices up in July

The price of 95 octane petrol and of diesel in Cyprus was on the rise in the month of July, the Cyprus Consumers Association said...

Greek Sakkari was ready to swap racket for track spikes

Greek tennis player Maria Sakkari says she was so desperate for competition during the COVID-19 shutdown that she considered running in the 100m at...

Cypriots used to associate summer holidays with sales

Even though the Mediterranean island has no specific sales period, many Cypriots used to associate summer holidays in other European countries with official sales,...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...