articles | 16 December 2014

Financial sector workers earn more than double average salary

Financial and insurance sector workers in Cyprus earn more than double employees in other sectors make, the EU’s statistical agency, Eurostat, said recently.

According to Eurostat, employees in these two sectors earn 106% more than the national average wage in Cyprus which stands at €16.80 per hour.

A similar pattern is observed in Portugal (+167%), Romania (+136%), Latvia (+113%), and Hungary (+110%).

On the other hand, those employed in the European (EU28) tourism and food industries earn around 25% less than the national average.

In Cyprus, the hourly wage for employees in these two sectors is 48% less.

Cyprus is matched only by Ireland and Germany, where employees in the tourism and food industries are paid 49% and 47% less than average respectively.

The Eurostat report said that in 2014, the average wage across all sectors in the EU28 economies stood at €24.20 per hour, while employees in the euro area were paid significantly more at €29.30. In Cyprus however, the average employee is paid €16.80 per hour.

The highest-paid Europeans are the Danish (€40.10 per hour), the Belgians (€38.00), and the Swedes (€37.30). At the lower end are the Lithuanians (€5.90), the Romanians (€4.10), and the Bulgarians with €3.40 per hour.

Source: Cyprus Mail 

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