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Average Salary in Nicosia 2020

How much money does a person working in Nicosia make?


Average Monthly Salary
3,310 EUR
( 39,700 EUR yearly)

LOW
450
EUR
AVERAGE
3,310
EUR
HIGH
14,600
EUR

A person working in Nicosia typically earns around 3,310 EUR per month. Salaries range from 450 EUR (lowest average) to 14,600 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 Nicosia

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

  • Salary Range

    Salaries in Nicosia range from 450 EUR per month (minimum salary) to 14,600 EUR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 3,370 EUR per month, which means that half (50%) of the population are earning less than 3,370 EUR while the other half are earning more than 3,370 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 1,720 EUR while 75% of them are earning more than 1,720 EUR. Also from the diagram, 75% of the population are earning less than 9,180 EUR while 25% are earning more than 9,180 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 17,200 Euro(s) to 51,500 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.

Female
3,280 EUR
Male+8%
3,540 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.

Private Sector
3,090 EUR
Public Sector+18%
3,640 EUR
Percentage increase and decrease are relative to the previous value

Salary Trend and Forecast in Cyprus

How are Cyprus salaries changing over time? The chart below shows the average salary change in the past few years.

Salary trends and forecast monthly Cyprus
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Average Salary 2016
3,100 EUR
Average Salary 2017+4%
3,220 EUR
Average Salary 2018+2%
3,270 EUR
Average Salary 2019+2%
3,340 EUR
Percentage increase and decrease are relative to the previous value

Salaries in Cyprus are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant2,200 EUR
Accounting Assistant2,110 EUR
Accounting Manager4,270 EUR
Bookkeeper1,710 EUR
Chartered Accountant2,810 EUR
Corporate Treasurer5,690 EUR
Financial Analyst3,370 EUR
Financial Manager6,500 EUR
Internal Auditor3,330 EUR

Administration / Reception / Secretarial
Administrative Assistant1,710 EUR
Office Manager2,240 EUR
Receptionist2,360 EUR
Secretary1,750 EUR

Advertising / Grapic Design / Events
Art Director3,170 EUR
Creative Director3,290 EUR
Graphic Designer2,240 EUR
Photographer2,200 EUR

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer3,540 EUR
Air Traffic Controller3,290 EUR
Flight Attendant2,810 EUR
Pilot3,860 EUR

Architecture
Architect2,930 EUR
CAD Drafter2,440 EUR

Automotive
Mechanic1,710 EUR
Service Advisor2,560 EUR

Banking
Bank Branch Manager4,720 EUR
Teller2,200 EUR

Bilingual
Teacher2,480 EUR
Translator2,810 EUR

Business Planning
Business Analyst3,860 EUR
Business Development Manager4,880 EUR
Project Manager3,660 EUR

Care Giving and Child Care
Nanny2,070 EUR
Nursery Teacher2,320 EUR

Construction / Building / Installation
Civil Engineer2,930 EUR
Construction Project Manager3,820 EUR
Health and Safety Officer2,070 EUR

Customer Service and Call Center
Call Center Representative2,240 EUR
Customer Service Manager4,270 EUR
Customer Service Representative2,280 EUR

Engineering
Electrical Engineer3,170 EUR
Engineer2,930 EUR
Mechanical Engineer3,170 EUR

Executive and Management
Chief Executive Officer7,320 EUR
Chief Financial Officer6,710 EUR
General Manager5,690 EUR

Food / Hospitality / Tourism / Catering
Chef2,640 EUR
Executive Chef2,850 EUR
Hotel Manager4,800 EUR
Travel Agent2,640 EUR
Waiter / Waitress1,950 EUR

Health and Medical
Dentist7,720 EUR
Dietitian7,320 EUR
Laboratory Technician2,440 EUR
Nurse2,560 EUR

Human Resources
Human Resources Manager4,470 EUR
Human Resources Officer2,640 EUR

Information Technology
Computer Technician2,480 EUR
Database Administrator3,210 EUR
Developer / Programmer2,850 EUR
Information Technology Manager4,680 EUR
Network Engineer2,810 EUR

Law Enforcement / Security / Fire
Police Officer2,560 EUR

Legal
Attorney4,680 EUR
Legal Assistant2,320 EUR

Media / Broadcasting / Arts / Entertainment
Journalist3,170 EUR

Pharmaceutical and Biotechnology
Biomedical Engineer2,760 EUR
Pharmacist3,660 EUR

Sales Retail and Wholesale
Cashier1,830 EUR
Sales Manager5,080 EUR
Sales Representative2,110 EUR

Teaching / Education
Elementary School Teacher2,240 EUR
Secondary School Teacher2,640 EUR

Average Hourly Wage in Nicosia


19 EUR per hour

The average hourly wage (pay per hour) in Nicosia is 19 EUR. This means that the average person in Nicosia earns approximately 19 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.

Nicosia VS Cyprus

Salary Comparison Between Nicosia and Cyprus monthly
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We compared salaries in Nicosia and Cyprus and we found that Nicosia salaries are 4% less than those of Cyprus.

Salary Comparison By City

CityAverage Salary
Larnaka3,020 EUR
Limassol3,570 EUR
Nicosia3,310 EUR
2359 - 85

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