Cyprus "gross" earnings up 1.1% in 2012.
But net earnings probably negative Gross earnings in Cyprus rose on
average by 1.1% to EUR 1,990 per month in 2012, according to Sapienta
Economics calculations based on quarterly figures. In the fourth
quarter, which includes 13th salaries, gross earnings rose by 0.7% to
EUR 2,292, with males earning EUR 2,470 and females earning 15.7% less
as EUR 2,082. The Statistical Service Cystat notes that the deductions
applied to gross earnings in the broad public sector, which were
implemented from the fourth quarter of 2011 and 2012, do not affect the
gross salary of employees but only their net income. As a result, while
these deductions reduce the disposable income of employees, they are not
reflected in the fluctuation of gross earnings. One can conclude from
this that net earnings actually declined in the fourth quarter and for
the whole of 2012. As part of negotiations for a Cyprus bailout,
additional cuts average 10% were made to public-sector net earnings at
the beginning of 2013.
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