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Cyprus earnings rise as unemployment soars.

The practice of indexing public- and unionised wages to inflaiton meant that earnings rose by 2.6% over the year earlier in the third quarter even while unemployment soared.

In the third quarter of 2011 average monthly earnings of employees rose by 2.6% over the year earlier to EUR 1,905 (males EUR 2,091 and females EUR 1,686), according to preliminary estimates of the Statistical Service.

Male earnings rose by 2.9% and female earnings by 2.4%.

The unemployment rate climbed in the same period to 7.6% from 5.8% in the third quarter of 2010, according to the Labour Force Survey.

The pace of growth of earnings was slower in the third quarter of 2011 than in the third quarter of 2010, when an increase of 3.1% was recorded.

The Statistical Service said that the increase mainly reflected the payment of the Cost of Living Allowance (COLA).

COLA is paid twice a year, adding 1.25% to gross earnings in January 2011 and 1.39% in July 2011.

Compared with the previous quarter and on a seasonally adjusted basis there was a marginal increase of 0.4% in the average monthly earnings of employees (males 0.2% and females 0.6%).

The corresponding percentage change during the third quarter of 2010 was 1.4%.

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Publication:Financial Mirror (Cyprus)
Article Type:Financial report
Date:Dec 29, 2011
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