The Statistical Services of Cyprus has announced recently that the average gross monthly earnings of employees for 2021 increased by 3.2 per cent compared to 2020 to €2,067.
The median gross monthly earnings of employees were €1,614.
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. The data source is the records of the Social Insurance Services.
Companies need to consider the data to ensure that their salary scales are in line with that of other companies. Failure to do so, will potentially lead to losing employees. It will also be much harder for companies to recruit quality candidates if they do not keep with the benchmark.
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