Wage growth is possible in Estonia this year, especially in those sectors that lack experts, says Swedbank, reports LETA. The Swedish bank expects real gross wages to grow 1.8 percent on average this year.
Future wage developments will continuously be impacted by the labor market situation - in certain sectors the shortage of skilled workers can push up wage growth, even above productivity gains. However, slower productivity growth and companies’ wish to maintain their cost effectiveness will have a dampening effect.
The average monthly gross wage increased by 6.9 percent y-o-y in the first quarter. The real growth of gross wages accelerated to 2.4 percent. The strongest growth was reported in energy supply and construction activities.
According to Statistics Estonia, the average monthly gross wages and salaries were 847 euros, and increased by 6.9 percent in the first quarter of 2012 as compared to the first quarter of the previous year. Compared to the first quarter of 2011, the irregular bonuses and premiums per employee grew 20.5 percent and influenced the growth of the average monthly gross wages and salaries by 0.5 percentage points.
Sources:
baltictimes
baltictimes
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