International Internet Magazine. Baltic States news & analytics
Tuesday, 03.03.2015, 05:10
Latvia has the sixth lowest minimum wage among the 22 European Union (EU) member states that have national minimum wages, according to data published by Eurostat, cites LETA.
Keyword tags: Analytics, EU – Baltic States, Financial Services, Wages
Latest data compiled by the Central Statistical Bureau (CSB) show that in 2014 growth in average wages and salaries witnessed the most rapid growth since the recovery of the Latvian economy. In 2014, average monthly gross wages and salaries in the country accounted for EUR 765, and compared to 2013 it is a growth of 6.8% or EUR 49.
According to Statistics Estonia, in the 4th quarter of 2014, the average monthly gross wages and salaries were 1,039 euros and increased by 5.3% compared to the 4th quarter of 2013. In 2014, the average monthly gross wages and salaries exceeded the 1,000 euro level in the 2nd and 4th quarter.
Statistics Lithuania informs that in IV quarter 2014 average gross monthly earnings in the whole economy (individual enterprises excluded) totalled EUR 714.5 (LTL 2 467), in the public sector (1) – EUR 748.1 (LTL 2 582.9), in the private sector – EUR 696.3 (LTL 2 404.1) and, against III quarter 2014, increased by 2.6% in the whole economy: in the public sector – by 2.9, in the private sector – by 2.3%.
State administration is a sector where the state could look for additional funds in order to reduce costs, as Chairman of the Free Trade Union Confederation of Latvia, Peteris Krigers said in an interview with the LNT television, cites LETA.
In 2014 there were 884.6 thsd employed persons in Latvia or 59.1% of the population aged 15 – 74, according to the results of the Labour Force Survey conducted by the Central Statistical Bureau (CSB) of Latvia. Compared to 2013 employment rate increased by 0.9 percentage points, while the number of employed persons decreased by 9.2 thsd, which can be explained with decrease in the total number of population in Latvia.
The Presidium of the Lithuanian Confederation of Industrialists (LPK) has confirmed on Tuesday that industrialists welcome the Government's plans to increase the minimum monthly wage once again in July 2015, reports LETA/ELTA.