Women earn 27% less

Earnings in Cyprus rose at their fastest pace since 2006 in the first quarter of 2008, according to preliminary figures from the Statistical Service.

According to these figures, average monthly earnings of employees rose by 4.3% compared with the first quarter of 2007 EUR 1,690.

This was the fastest pace of growth since 2006 and does not include various back-dated increases due to be implemented in the coming months.

The Statistical Service noted that the increase in the salaries of government and semi-government employees, which has already been agreed at 2%, and which will be paid in arrears as from January 2008, is not included in the data, since the agreement has not yet been implemented.

This is also the case for the expected increase in the wages of employees resulting from the renewal of collective pay agreements in construction (which will be paid in arrears as from January 2008).

In both cases the increase in wages and salaries will be recorded in the quarter when the arrear payments will materialise.

Cyprus is said to be the only EU country with a wage-indexation mechanism. Affected workers enjoy a bi-annual pay rise in line with inflation.

Women still behind

There was a 27% gap in male-female earnings in the first quarter of 2008. Male employees earned on average EUR 1,863 per month while females earned EUR 1,466.

However, in terms of increases, women fared better, as the increase compared with the first quarter of 2007 was 3.6% for males and 5.2% for females.

In comparison with the fourth quarter of 2007 (seasonally adjusted data) there was an increase of 1.6% in the average monthly earnings of employees (males 1.8% and females 2.6%), which mainly reflects the increase of the cost-of-living allowance paid in January 2008.

 
Fiona Mullen, Financial Mirror,  30/06/2008