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Average Salary in Cyprus 2020

How much money does a person working in Cyprus make?


Average Monthly Salary
2,160 EUR
( 26,000 EUR yearly)

LOW
550
EUR
AVERAGE
2,160
EUR
HIGH
9,660
EUR

A person working in Cyprus typically earns around 2,160 EUR per month. Salaries range from 550 EUR (lowest average) to 9,660 EUR (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Distribution of Salaries in Cyprus

Median and salary distribution monthly Cyprus
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The median, the maximum, the minimum, and the range

  • Salary Range

    Salaries in Cyprus range from 550 EUR per month (minimum salary) to 9,660 EUR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 2,030 EUR per month, which means that half (50%) of the population are earning less than 2,030 EUR while the other half are earning more than 2,030 EUR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 1,160 EUR while 75% of them are earning more than 1,160 EUR. Also from the diagram, 75% of the population are earning less than 5,500 EUR while 25% are earning more than 5,500 EUR.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Cyprus costs anywhere from 10,800 Euro(s) to 32,500 Euro(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.



Salary Comparison By Gender

Salary comparison by gender monthly Cyprus
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Cyprus earn 8% more than their female counterparts on avergae across all sectors.

Female
2,070 EUR
Male+8%
2,230 EUR
Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Cyprus

How much are annual salary increments in Cyprus? How often do employees get salary raises?

Cyprus

Employees in Cyprus are likely to observe a salary increase of approximately 5% every 28 months.

Annual Salary Increment Rate Cyprus
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Cyprus is 2%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Cyprus for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Average Salary Increase Rate by Experience Level

Junoir Level
3% - 5%
Mid-Career
6% - 9%
Senior Level
10% - 15%
Top Management
15% - 20%

The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.

Worldwide Salary Raises: All Countries and All Jobs

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Bonus and Incentive Rates in Cyprus

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cyprus
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68% of surveyed staff in Cyprus reported that they haven't received any bonuses or incentives in the previous year while 32% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
32%
No Bonus
68%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


Bonus Rates Comparison by Career Field

Finance
High
Architecture
High
Sales
High
Business Development
High
Marketing / Advertising
High
Information Technology
Moderate
Healthcare
Moderate
Insurance
Moderate
Customer Service
Moderate
Human Resources
Moderate
Construction
Low
Transport
Low
Hospitality
Low

What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Cyprus
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Where can you get paid more, working for a private company or for the government? Public sector employees in Cyprus earn 18% more than their private sector counterparts on average across all sectors.

Private Sector
1,950 EUR
Public Sector+18%
2,290 EUR
Percentage increase and decrease are relative to the previous value

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant1,530 EUR
Accounting Assistant1,150 EUR
Accounting Manager3,220 EUR
Bookkeeper950 EUR
Chartered Accountant1,910 EUR
Corporate Treasurer2,810 EUR
Financial Analyst2,660 EUR
Financial Manager4,400 EUR
Internal Auditor2,110 EUR

Administration / Reception / Secretarial
Administrative Assistant1,100 EUR
Office Manager1,870 EUR
Receptionist830 EUR
Secretary990 EUR

Advertising / Grapic Design / Events
Art Director2,120 EUR
Creative Director2,100 EUR
Graphic Designer1,310 EUR
Photographer1,170 EUR

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer2,780 EUR
Air Traffic Controller2,280 EUR
Flight Attendant1,400 EUR
Pilot3,790 EUR

Architecture
Architect2,470 EUR
CAD Drafter1,080 EUR

Automotive
Mechanic760 EUR
Service Advisor1,420 EUR

Banking
Bank Branch Manager3,770 EUR
Teller800 EUR

Bilingual
Teacher1,690 EUR
Translator1,910 EUR

Business Planning
Business Analyst2,620 EUR
Business Development Manager3,340 EUR
Project Manager2,410 EUR

Care Giving and Child Care
Nanny850 EUR
Nursery Teacher770 EUR

Construction / Building / Installation
Civil Engineer1,920 EUR
Construction Project Manager3,640 EUR
Health and Safety Officer950 EUR

Customer Service and Call Center
Call Center Representative820 EUR
Customer Service Manager2,950 EUR
Customer Service Representative790 EUR

Engineering
Electrical Engineer1,980 EUR
Engineer1,930 EUR
Mechanical Engineer2,030 EUR

Executive and Management
Chief Executive Officer4,580 EUR
Chief Financial Officer4,350 EUR
General Manager3,830 EUR

Food / Hospitality / Tourism / Catering
Chef1,310 EUR
Executive Chef1,540 EUR
Hotel Manager3,960 EUR
Travel Agent1,410 EUR
Waiter / Waitress670 EUR

Health and Medical
Dentist5,040 EUR
Dietitian3,990 EUR
Laboratory Technician1,610 EUR
Nurse1,650 EUR

Human Resources
Human Resources Manager3,220 EUR
Human Resources Officer1,320 EUR

Information Technology
Computer Technician1,620 EUR
Database Administrator2,060 EUR
Developer / Programmer2,080 EUR
Information Technology Manager3,510 EUR
Network Engineer1,780 EUR

Law Enforcement / Security / Fire
Police Officer1,250 EUR

Legal
Attorney4,070 EUR
Legal Assistant1,160 EUR

Media / Broadcasting / Arts / Entertainment
Journalist2,390 EUR

Pharmaceutical and Biotechnology
Biomedical Engineer1,890 EUR
Pharmacist2,610 EUR

Sales Retail and Wholesale
Cashier810 EUR
Sales Manager3,660 EUR
Sales Representative1,320 EUR

Teaching / Education
Elementary School Teacher1,500 EUR
Secondary School Teacher1,660 EUR

Average Hourly Wage in Cyprus


12 EUR per hour

The average hourly wage (pay per hour) in Cyprus is 12 EUR. This means that the average person in Cyprus earns approximately 12 EUR for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Salary Comparison By City

CityAverage Salary
Larnaka1,900 EUR
Limassol2,250 EUR
Nicosia2,080 EUR
2232 - 250

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