In the first quarter in 2024, labor costs per hour worked in the European Union rose by 5.5% compared to the same quarter of the previous year, while those in the euro area rose by 5.1%, according to the latest figures from the European statistics agency Eurostat , quoted by BNR.
Companies' labor costs include not only wages and salaries paid to employees, but also indirect labor costs - primarily social security contributions paid by the employer.
In the euro area, hourly wages increased by 5.3%, while indirect labor costs rose by 4.5% and total labor costs rose by 5.1% in the first quarter of 2024. compared to the same quarter of the previous year. Across the EU, hourly wages and salaries increased by 5.8%, total labor costs by 5.5% and the non-wage component by 4.8%.
The most significant increase in wage costs per hour worked in the first three months of the year was registered in Romania (a jump of 16.4% on an annual basis), followed by Bulgaria (an increase of 15.8%), Croatia ( with 15.3%), Poland (with 14.15%) and Hungary (with 13.7%), with two more member countries showing an increase in the indicator by over 10 percent, namely Latvia (with 12.7%) and Lithuania (with 11.1%).
Total costs per hour worked in Bulgaria increased in the first quarter of 2024 by 15.8% compared to a year earlier, and the non-salary component - by 15.9%.