According to the Statistical Service of Cyprus (Cystat), the average gross (before tax) monthly salary of employees in 2024 reached €2,483, marking a 5.1% increase compared to 2023, when it stood at €2,363. For comparison, the previous year saw a stronger rise of 7.3%, indicating a gradual slowdown in income growth after the inflation wave of 2022–2023.
The median salary — meaning half of all employees earn less and half earn more — was €1,881, which more accurately reflects the real earnings situation, as the average figure is heavily influenced by the high incomes of a small number of employees in the financial and technology sectors.
Who Earns What: The Income Structure in Cyprus
The largest share of workers — about 14.2% — earns between €1,000 and €1,249 per month.
Next come those earning €1,250–1,499 (11.6%) and €1,500–1,749 (11.2%).
These figures show that the majority of Cyprus’s workforce earns between €1,000 and €1,700 per month, roughly corresponding to the country’s middle-class standard of living.
At the same time, the number of employees earning over €3,000 remains limited, and they are mostly concentrated in the banking, insurance, and IT sectors.
Salaries by Sector: 2024 Leaders and Laggards
The income gap between sectors remains significant.
In 2024, the lowest salaries were recorded in agriculture, forestry, and fishing — just €941 per month.
The highest earnings, as usual, were in the financial and insurance sectors, where the average salary reached €4,710.
Most industries experienced income growth compared to 2023.
The largest increase was in the information and communication sector, where wages rose by 8.1%.
It was followed by healthcare and social services (+7.6%), and water supply, waste management, and sanitation, which saw a 6.9% increase.
Only two sectors saw declines:
Real estate activities (–2%) and mining and quarrying (–0.8%).
These industries employ relatively few workers, so even small staffing changes can noticeably affect statistics.
Cypriots vs. Foreign Workers: The Income Gap Persists
In 2024, the average gross salary of Cypriot employees was €2,506, while foreign workers earned €2,434 on average.
The gap therefore remains but is gradually narrowing — Cypriots’ incomes grew by 5.4%, compared to 4.3% for foreigners.
However, the median salary of foreign employees is significantly lower: €1,544, compared to €2,053 among locals.
This difference is largely due to the fact that many foreign workers are employed in low-paid sectors such as hospitality, construction, agriculture, and care services.
Interestingly, among foreigners, there is not only a higher proportion of low-income workers (earning under €1,500), but also a slightly larger share of high earners (over €6,000) — typically IT, finance, and international business professionals who relocate to Cyprus on work visas.
Economic Context: Cyprus Labour Market in 2024
The rise in wages during 2024 was accompanied by moderate employment growth.
The unemployment rate hovered around 5.7%, close to the EU average.
Meanwhile, Cyprus continues to attract foreign labour, especially in tourism, construction, and services, where there is still a shortage of local workers.
The national minimum wage, introduced in 2023, stands at €1,000 per month, creating a kind of baseline income level.
However, in practice, the cost of living varies greatly by region — Limassol and Nicosia remain the most expensive cities, with higher rents and food prices than in other parts of the island.