It is indeed very interesting to have a look at how things are outside Cyprus regarding average EU salaries.
The table below reflects the average salary in European Union and as we can see the variations are significant amongst member states.
The gross salary figures will shrink after income tax is applied, revealing the take-home or net salary. The income tax rates displayed below, are the average across all employees of each country, including those of the lowest tax levels.
It is worth mentioning that Cyprus has the lowest average tax rate (6.80%) with big difference from the second lowest country, Greece (16.03%).
Cyprus’s net average salary is €1,658 and ranks 14th amongst all EU countries, while Greece ranks 20th.
We can also give a look at the HFCE Index (household final consumption expenditure) of 2018, which indicates how cheap or expensive household goods are in every country. The index of 100 is the average for all EU countries.
For Cyprus HFCE is 87 which is 13% less than the EU average. It is important to note that although Austria and Germany have quite high net salaries, they have an HFCE of 109 and 104 respectively.
On the other hand, net salary in Cyprus is €768 higher than in Greece, but HFCE is almost equal, 87 and 84 respectively indicating that Cyprus households can save more easily or take advantage of investment opportunities. Finally, the correlation between HFCE and net salary is mostly linear, which shows that countries with higher income payments have higher cost of living.
|Rank||Country||Gross||TAX %||Net||HFCE 2018|
|1||Luxembourg||€ 5,030.00||32.09||€ 3,416.00||126|
|2||Denmark||€ 5,190.00||36.99||€ 3,270.00||137|
|3||Austria||€ 4,164.00||32.04||€ 2,830.00||109|
|4||United Kingdom||€ 3,297.00||21.66||€ 2,583.00||117|
|5||Ireland||€ 3,300.00||22.30||€ 2,564.00||129|
|6||Finland||€ 3,380.00||25.77||€ 2,509.00||122|
|7||Sweden||€ 3,194.00||23.04||€ 2,458.00||120|
|8||Germany||€ 3,997.00||39.73||€ 2,409.00||104|
|9||Belgium||€ 3,401.00||36.20||€ 2,170.00||111|
|10||Netherlands||€ 2,855.00||24.52||€ 2,155.00||112|
|11||France||€ 2,957.00||27.22||€ 2,152.00||110|
|12||Italy||€ 2,595.00||27.63||€ 1,878.00||100|
|13||Spain||€ 2,244.00||19.52||€ 1,806.00||93|
|14||Cyprus||€ 1,779.00||6.80||€ 1,658.00||87|
|15||Estonia||€ 1,397.00||14.60||€ 1,193.00||80|
|16||Slovenia||€ 1,752.00||35.62||€ 1,128.00||85|
|17||Malta||€ 1,379.00||25.96||€ 1,021.00||83|
|18||Czech Republic||€ 1,320.00||24.92||€ 991.00||71|
|19||Portugal||€ 1,130.00||14.16||€ 970.00||86|
|20||Greece||€ 1,060.00||16.04||€ 890.00||84|
|21||Croatia||€ 1,183.00||26.37||€ 871.00||68|
|22||Poland||€ 1,227.00||29.01||€ 871.00||58|
|23||Slovakia||€ 1,101.00||24.16||€ 835.00||77|
|24||Lithuania||€ 1,318.00||36.72||€ 834.00||66|
|25||Latvia||€ 1,081.00||25.90||€ 801.00||74|
|26||Hungary||€ 1,151.00||33.54||€ 765.00||63|
|27||Romania||€ 1,090.00||38.81||€ 667.00||52|
|28||Bulgaria||€ 647.00||21.48||€ 508.00||50|
Contact us today for a confidential conversation on either +357 22002285 (Nicosia) or +357 25041690 (Limassol) or via email firstname.lastname@example.orgSource:https://en.wikipedia.org/wiki/List_of_European_countries_by_average_wage