Average Salary in Cyprus 2024

Unveiling the Cyprus Salary Spectrum: From pay scale variations and wage gaps to annual salary increments, this article delves into the intricacies of the Cypriot job market. With a keen focus on the breakdown of salaries according to education level and years of experience, discover how earning potentials differ across various professions. Gain valuable insights into the factors influencing salary structures and lay the foundation for informed decision-making in pursuit of lucrative career opportunities. Stay ahead in the dynamic Cypriot job landscape with this comprehensive guide to salary trends.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Cyprus in 2024?

What is the average salary in Cyprus in 2024?
1,500EUR
(EUR 17,100 yearly)
Low 650 EUR
Average 1,500 EUR
High 6,300 EUR
The average salary in Cyprus is typically EUR 1,500 per month. However, salaries can vary greatly, ranging from EUR 650 (lowest average) to EUR 6,300 (highest average, actual maximum salary is higher). These figures include housing, transport, and other benefits. Different careers offer significantly diverse salary opportunities. If you wish to explore salaries for specific job titles, they are listed below.
In comparison with average salary in Cyprus in 2023, salaries changed by +0.8% so far. Looking ahead, economists project a gradual recovery in the job market. A complete comparison between 2023 and 2024 will be available at the end of this year.

Pay Scale and Salaries in Cyprus

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than EUR 6,300, 75% of the people earn EUR 2,000 or less. 50% employees earn less EUR 1,400 or less, 25% of the employees earn less than EUR 1,100.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than EUR 6,300, 75% of the people earn EUR 2,000 or less. 50% employees earn less EUR 1,400 or less, 25% of the employees earn less than EUR 1,100.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Cyprus the minimum salary is EUR 650.

Median Salary

Median Salary represents the middle point of all salaries in a dataset, with half of the values above and half below it. It provides a more balanced view of income distribution, making it less sensitive to extreme values, and is commonly used to gauge average earnings in various professions and industries. In Cyprus the median salary is EUR 1,200.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Cyprus the salary ranges from EUR 650 to EUR 6,300.

Annual Salary Increments in Cyprus

What is the average annual salary increment in the Cyprus? How frequently do employees receive salary raises?

In 2024 employees in Cyprus received around 0.8% salary increase. Please note that this is average across all job sectors. In comparison worldwide average for 2024 is 0.8%.Download chartGet chart linkShare on FacebookShare on Twitter
During 2024, Cyprus recorded an average salary increment of around 0.8% for its employees, spanning various job sectors. On a global scale, the average salary increase for 2024 is 0.8%.

Historical Graph of Annual Salary Increments in Cyprus

Employees based in Cyprus have experienced a salary increase averaging 3.4% per year in recent years. This translates to a range of 0.8% to 6.4% increment per year.Download chartGet chart linkShare on FacebookShare on Twitter
In the past years, employees in Cyprus have seen their salaries rise by an average of 3.4% per year. The increment ranges from 0.8% to 6.4% per year on average.

Salary Forecast and Trends for the Future in Cyprus

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.8%. Estimated range is between 2.1% and 5.9%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.8%. Estimated range is between 2.1% and 5.9%.

Gender Wage Gap in Cyprus

What is the difference in pay between mens and womens? Men vs. women salary comparison.

Actual wage gap in Cyprus is 16.3%.Download chartGet chart linkShare on FacebookShare on Twitter
Cyprus has an actual wage gap of 16.3%.
It's due to many factors, such as:
  • Sexism.
  • On average, women have a 10% higher number of days of paid vacation than men each year.
  • Compared to men, women have a lower likelihood of having a college degree.
  • When it comes to caregiving responsibilities for children and elderly relatives, women are more probable than men to take them on.
  • Women are more likely than men to work part-time, and part-time workers typically earn less than full-time workers.
  • Lower-paying occupations are more common among women than men.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

The completion of high school and the acquisition of a bachelor's degree bring about a wealth of benefits. Most importantly, they greatly improve career prospects, leading to higher earning potential and a wider range of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

The successful completion of high school and attainment of a bachelor's degree bring forth a wide range of advantages. Primarily, they greatly enhance one's career prospects by increasing earning potential and opening doors to a broader range of job opportunities. Apart from monetary benefits, pursuing a bachelor's degree nurtures personal growth, fosters critical thinking skills, and enables specialization in a chosen field of interest. Furthermore, it facilitates valuable networking possibilities and promotes the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative endeavor that leads to a more enriching and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. epitomizes a lifelong dedication to acquiring knowledge and paving the way for an inspiring and impactful career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 17%-21% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of about 7%-11%. Expertise and leadership result in higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 17%-21% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of roughly 7%-11%. Expertise and leadership gain higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Cyprus

What is the average hourly wage in the Cyprus?

Average Hourly Wage
8EUR
Low 4 EUR
Average 8 EUR
High 37 EUR

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Planning for expenses and budgeting can be challenging when dealing with hourly wages that result in irregular or fluctuating income.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks ordinarily related to full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can interrupt work-life balance and make it difficult to maintain consistent routines.
  • Uncertain job security: Compared to salaried positions, job insecurity can be heightened in hourly positions due to their vulnerability to layoffs, downsizing, or changes in demand.
  • Limited career advancement: There are instances where hourly employment offers restricted opportunities for career growth, professional development, or upward mobility within the organization.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Cyprus

What are the best paying jobs in Cyprus?

List with best paid jobs in CyprusDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Cyprus?

  1. Surgeon (EUR 6,300)
  2. Doctor (EUR 5,700)
  3. Chief Executive Officer (CEO) (EUR 5,400)
  4. Registered Nurse Anesthetist (EUR 5,300)
  5. Dentist (EUR 5,000)
  6. Airline Pilot (EUR 4,900)
  7. Intellectual Property Lawyer (EUR 4,700)
  8. Marketing Manager (EUR 4,200)
  9. Marketing Director (EUR 4,200)
  10. Sales Director (EUR 3,900)
  11. Sales Manager (EUR 3,900)
  12. Petroleum Engineer (EUR 3,900)
  13. Brand Manager (EUR 3,800)
  14. Marketer (EUR 3,800)
  15. Judge (EUR 3,700)
  16. Treasurer (EUR 3,700)
  17. Controller (EUR 3,700)
  18. Pharmacist (EUR 3,600)
  19. Tax Lawyer (EUR 3,500)
  20. Lawyer (EUR 3,500)
List with worst paid jobs in CyprusDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Cyprus?

  1. Cashier (EUR 670)
  2. Childcare Worker (EUR 710)
  3. Stock clerk (EUR 720)
  4. Elder Care Worker (EUR 720)
  5. Receptionist (EUR 750)
  6. Bartender (EUR 810)
  7. Food and beverage server (EUR 820)
  8. Janitor (EUR 820)
  9. Waiter (EUR 840)
  10. Tour Guide (EUR 840)
  11. Customer Service Representative (EUR 1,100)
  12. Hotel Concierge (EUR 1,100)
  13. Rehabilitation Counselor (EUR 1,100)
  14. Travel Agent (EUR 1,200)
  15. Secretary (EUR 1,200)
  16. Painter (EUR 1,200)
  17. Carpenter (EUR 1,300)
  18. Bus Driver (EUR 1,300)
  19. Artist (EUR 1,300)
  20. Truck Driver (EUR 1,300)
List with best paid industries in CyprusDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (EUR 4,000)
  2. Business and Management (EUR 3,400)
  3. Marketing and Sales (EUR 3,200)
  4. Engineering (EUR 2,900)
  5. Law (EUR 2,800)
  6. Accounting and Finance (EUR 2,700)
  7. Computer and Information Technology (EUR 2,700)
  8. Transportation and Logistics (EUR 2,600)
  9. Science (EUR 2,600)
  10. Education and Training (EUR 2,200)
  11. Other (EUR 1,600)
  12. Hospitality and Tourism (EUR 1,400)
  13. Social Services (EUR 1,100)
  14. Services (EUR 1,000)