In Q3 2024 average gross wages and salaries (in full-time units) amounted to EUR 1 703. Over the year gross monthly earnings have risen by EUR 154 or 9.9 %. Hourly earnings before taxes went up to EUR 11.59 or by 10.9 %, according to working-day and seasonally non-adjusted data from the Central Statistical Bureau of Latvia (CSB).
Over the quarter, average gross monthly earnings increased by 1.9 % and hourly earnings by 1.5 %.
Average net wages and salaries (calculated based on the labour taxes applicable to employers) amounted to EUR 1 231 or 72.3 % of the gross earnings and over the year grew by 9.4 %, thus overtaking the climb in the consumer prices. The real increase in the net earnings, considering the price rise, was 8.3 %.
In Q3 2024, median gross wages and salaries (in full-time units) amounted to EUR 1 385. Over the year, median gross earnings increased by EUR 135 or 10.8 % (from EUR 1 250 in Q3 2023). The median net earnings (after taxes) stood at EUR 1 016 and over the year have risen by 9.0 %.
In public sector, annual rise in the average earnings was 3.3 percentage points higher than in private (12.3 % and 9.0 %, respectively).
In Q3 2024, average monthly earnings before taxes in public sector stood at EUR 1 758 while in private sector they were EUR 74 lower and amounted to EUR 1 684. Average earnings in general government sector, which includes central and local government institutions as well as enterprises controlled and financed by the central and local government, went up to EUR 1 703 (by 12.3 % over the year).
Over the quarter, average earnings in public sector rose by 0.9 %, in general government sector by 1.1 %, and in private sector by 2.4 %.
Apart from the rise or decline in the remuneration of employees, average earnings are also influenced by the labour force demand and supply trends as well as labour market structural changes.
Generally, the mentioned factors cause changes in the wage and salary fund and in the number of full-time workers both of which are also used to calculate average earnings.
In Q3 2024, compared to Q3 2023, the estimated national wage and salary fund grew by 8.3 % or 289.1 million euro while the number of salaried workers (in full-time units) reduced by 11.4 thousand people or 1.5 %.
In terms of economic activities, the sharpest rise in the average earnings was registered in education (19.2 %), thus significantly boosting annual growth in the public sector. Increased earnings were also registered in administrative and support service activities (15.9 %), real estate activities (15.2 %), and other service activities (which include activities of religious, political, etc. membership organisations, repair of computers and personal and household goods, washing and (dry-)cleaning of textile and fur products, hairdressing and other beauty treatment, funeral and related activities, etc. personal service activities) (14.4 %).
The sharp annual rise in all mentioned sectors was caused by both higher wages and salaries and fewer workers. It should be noted that fewer workers were also registered in all other economic activities, except for water supply; sewerage, waste management, and remediation activities, accommodation and food service activities, financial and insurance activities, public administration and defence, as well as human health and social work activities.
In Q3 2024, average gross monthly earnings above the national average (in full-time units) were recorded in financial and insurance activities (EUR 2 801), information and communication (EUR 2 732), professional, scientific and technical activities (EUR 2 121), energy sector (EUR 2 116), public administration (EUR 1 996), mining and quarrying (EUR 1 956), as well as human health and social work activities (EUR 1 772).
The lowest gross earnings were registered in accommodation and food service activities, at EUR 1 106 before taxes.
In Q3 2024, compared to Q3 2023, the sharpest rise in the average earnings before taxes was observed in Zemgale (11.4 %), followed by Vidzeme (11.1 %) and Latgale (11.0 %).
The highest average gross earnings (in full-time units) were recorded in Riga (EUR 1 877) while the lowest in Latgale (EUR 1 223, which is 35 % fewer than in the capital). The gap between the average earnings in Riga and regions has slightly narrowed in all regions, except for Riga region and Kurzeme where it stayed stable. The gap between the capital and Zemgale narrowed the most (by 1.3 percentage points).
In Q3 2024, gross hourly earnings amounted to EUR 11.59, and over the year they have grown by 10.9 % (from EUR 10.45 in Q3 2023).
Driven by 8.7 % increase in the total labour costs and 2.5 % drop in the hours worked, hourly labour costs (which include wages and salaries as well as other labour-related expenses of the employer) rose from EUR 13.07 to EUR 14.57 or by 11.4 % over the year.
In Q3 2024, compared to Q3 2023, the sharpest rise in the average earnings before taxes was registered in Lithuania – 10.9 %, Latvia follows with 9.9 % and Estonia with 8.1 %.
Also read: EDzL: Riga Airport’s terminal can be made compatible with 1 520 mm gauge railway
Follow us on Facebook and X!
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6749d4d5bda5464fa930ce5a39567046&url=https%3A%2F%2Fbnn-news.com%2Faverage-gross-earnings-reach-eur-1-703-in-latvia-most-rapid-growth-observed-in-zemgale-262916&c=4711680354559456100&mkt=de-de
Author :
Publish date : 2024-11-28 04:54:00
Copyright for syndicated content belongs to the linked Source.
