By the end of 2024, the average salary in Cyprus will be close to 2.5 thousand euros per month.
This was announced by Labour Minister Yiannis Panayiotou on Tuesday 15th April.
According to him, such a significant growth is due to the trend of increasing incomes of the population. Incidentally, from 2010 to 2021, the average salary remained within 2,000 euros, showing relative stability. And from 2022, it will begin to grow rapidly. The minister did not ignore the median wage - an indicator that is often overlooked, but important for understanding the real situation. If in 2021 it was around 1.500-1.600 euros, in 2022 it has already increased to 1.700 euros and in 2024 it will reach almost 1.900 euros.
Panayiotou stressed that the percentage of citizens receiving less than 1,000 euros per month will decrease from 18% in 2022 to 12% in 2024. The minister directly links this dynamic to the government's initiative to increase the minimum wage. The proportion of people with an income of less than 1,250 euros will also fall significantly, from 1% to 25% over the same period. The minister was cautious about the fact that there are still workers in Cyprus whose wages are below the official minimum wage.
If these workers did not exist, it would mean that the government had done its job - and could resign. But the reality is that we continue to act, to monitor, to correct, to protect. Working on a fair labour market is a process, not an end point," stressed Panayiotou.
Remember that the average annual salary is calculated by adding up all salaries and dividing by the total number of employees. It can be distorted by the high incomes of a small group of people. The median, on the other hand, is a value that divides all employees into two equal parts: half get more, half get less. It gives a better picture of the real situation in the country.
Wage growth in Cyprus is not just a dry statistic, but also reflects the stabilisation of the economy, productivity and living standards. The increase in the median wage is particularly significant: it means that not only are the incomes of those at the top growing, but the economic position of the middle class is also strengthening.
However, challenges remain. Against the backdrop of inflation and rising prices for housing and services, even 2,500 euros a month no longer seems luxurious. The issue of affordability - especially in cities such as Limassol and Nicosia - remains a focus of public attention.
Nevertheless, Panayiotou says, the drive to improve working conditions and protect workers will only intensify, and the Labour Ministry will continue to closely monitor the dynamics and push for an even fairer distribution of income.