Μonthly earnings of employees record increase of 3%

Monthly earnings of employees in the third quarter of this year on an annual basis are estimated to have increased by 3%, provisional data released on Monday by the Cyprus Statistical Service show.

In particular, based on the provisional data, the average gross monthly earnings of employees during the third quarter of 2019, amounted to €1,878 compared to €1,822 during the third quarter of 2018, recording an increase of 3.1%.

The average gross monthly earnings during the third quarter of 2019, when seasonally adjusted, are estimated at €1,992. Compared to the second quarter of 2019 an increase of 1.1% is observed.

The average gross monthly earnings of male employees during the third quarter of 2019 are estimated at €2,016 and of female employees at €1,710.

Compared to the third quarter of 2018, the average gross monthly earnings of both male and female employees recorded an increase of 3%, the Statistical Service says.

Labour Costs Rose Across the EU

Earlier this year we reported that hourly labour costs rose by 2.6% in the euro area (EA19), by 3.1% in the EU28 and by 6.1% in Cyprus in the third quarter of 2019, compared with the same quarter of the previous year. In the second quarter of 2019, hourly labour costs increased by 2.8%, 3.2% and 6.1% respectively, according to data published by Eurostat, the statistical office of the European Union.

Further, in the EU28, the costs of hourly wages & salaries rose by 3.2% and the non-wage component rose by 2.7% in the third quarter of 2019. In the second quarter of 2019, annual changes were +3.3% and +3.0% respectively.

In Cyprus, the costs of hourly wages & salaries rose by 4.0% and the non-wage component rose by 16.7% in the third quarter of 2019. In the second quarter of 2019, annual changes were +4.1% and +17.1% respectively.