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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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Publication:Financial Mirror (Cyprus)
Geographic Code:4EXCY
Date:Apr 9, 2013
Words:186
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