Salaries in Europe are considered high enough and optimal to maintain an acceptable standard of living. The average European's income allows them to eat well, update their wardrobe, pay for housing and utilities, enjoy leisure and holidays, and have a financial reserve. These trends are associated with stable and actively developing economies in European countries, the availability of effective social programmes, subsidies and support from the EU. At the same time, it should be recognised that the level of income in the region can vary considerably from one country to another. It is influenced by a number of factors, including economic development, living standards, the labour market and local legislation.
This is the conclusion reached by the statistical office of the European Union.
In particular, Eurostat has carried out a new study analysing the level of salaries in 29 countries in 2023.
It has emerged that the highest earners will be residents of Switzerland, which has topped this ranking. According to the agency, the average annual net salary in this country will be €85,582. This is followed by Iceland and Luxembourg, where residents earn an average annual net salary of 53,885 euros and 49,035 euros respectively. Norway and the Netherlands are also in the top five. Residents of these countries earn more than 45,000 euros.
Interestingly, Cyprus was only seventeenth in the list - the average annual net salary on the island is 22,913 euros.
Nevertheless, Cyprus is still far from being an outsider. At the bottom of the list are Bulgaria (9,355 euros), Romania (12,330 euros) and Croatia (12,330 euros).
The average net annual salary is calculated by deducting income tax and social security contributions from the gross annual salary and then adding family allowances. The economic situation of the family, e.g. the number of dependants, affects the income.