Friday, December 09, 2022

Salary increases in Spain are lower than in other euro countries, according to a study

Salary increases in Spain are lower than in other euro countries, according to a study

Salaries in Spain increased by 3.5% in the three months from August to October, Less than five other Eurozone countries and the UKAccording to a new indicator released this Wednesday the internet job offer company Indeed.

US Firm Develops Indeed Wage Tracker, Un new monthly increment indicator Based on the salary included in the job advertisements published on their own portal. The company acknowledges that it is difficult to obtain accurate data on salary growth and that its data is limited.

The tracker focused on data from the UK and six eurozone countries (France, Germany, Ireland, Italy, the Netherlands and Spain), which “together account for more than 80% of eurozone employment,” the company explains in a statement.

The Indeed Wage Tracker calculates 24 million job openings from January 2018 to October 2022. According to this tool, increment “The recovery from the pandemic accelerated significantly.”

Thus, in the euro area countries analyzed, the average growth rate increased by 2% at the end of 2021 over 4% in the summer of 2022Indicates the company.

Last October, wage growth was 5.2% year-on-year -Three times more than before the pandemic-The European Central Bank (ECB) has expected that workers’ wages will rise at rates higher than historical levels in the short term, notes Indeed.

Germany leads the ranking of pay increases in the euro area, with a growth rate of 7.1% in those three months, driven by the rapid pace of increase in the minimum wage. It is followed by France (5.2%), Ireland (4.7%), Italy (4.2%), the Netherlands (4%) and Spain (3.5%).

“The relatively low wage growth rate we see in Spain is in line with current data on negotiated wages and may be due for the low vacancy rate relative to other euro area countries”.Actually written in his note.

In the UK, growth has previously accelerated and has remained high, reflecting “both high inflation and a tighter labor market, due to reduction in labor force. against vacancies.

According to the salary tracker, wage growth in this country doubled from 3% in mid-2020 to 6.4% in June 2022. before falling slightly below 6.2% in October 2021.

In fact note that these growth rates are well above 2019 levels, But still below projected headline inflationWhich ranged from 7.1% in France to 16.8% in the Netherlands in the month of October.

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