29.03.2022

BULGARIA HAS THE LOWEST LABOR COSTS IN THE EU

Bulgaria has the lowest hourly labor costs in the European Union - 7 euros, and Denmark with the highest - almost 47 euros. This is shown by the latest Eurostat data. In 2021, the average hourly labor costs in the entire economy are estimated at 29.1 euros in the EU and 32.8 euros in the eurozone.

The average hourly labor costs in the European Union differ significantly between Member States, with the lowest values ​​of these labor costs, except in Bulgaria, registered in Romania (EUR 8.5), and among the highest, among with Denmark, are also Luxembourg (€ 43) and Belgium (just over € 41). Compared to 2020, hourly spending at the economic level has increased by an average of 1.7 percent in the Union and 1.2 percent in the Eurozone.

The largest increase in the Eurozone was registered in Lithuania - 12.5 percent, and among the countries outside it the leader is Bulgaria with a 9.1 percent increase in hourly labor costs, expressed in national currency. The two main components of labor costs are wages and other payments to employers, such as social security.

Eurostat's analysis shows that in 2021, most Member States increased the validity of support schemes that were introduced in 2020 to alleviate the impact of the KOVID-19 pandemic on businesses and workers.