Labor in Bulgaria is the Cheapest, and in Denmark is the most Expensive

Politics » BULGARIA IN EU | May 12, 2018, Saturday // 11:48| Views: | Comments: 0
Bulgaria: Labor in Bulgaria is the Cheapest, and in Denmark is the most Expensive twitter.com

According to Eurostat data in 2017, labor costs per hour on average for the EU amounted to 26.8 euros. The lowest is in Bulgaria - 4.9 euro per hour, and the highest in Denmark - 42.5 euro per hour. Labor costs in Bulgaria are almost 5.5 times lower than the EU average. These statistics are announced by Social Minister Biser Petkov in a written answer to a parliamentary question quoted by BGNES.

On average, for the EU, labor costs in 2017 increased by 2.3%, wage costs increased by 2.4%, and social and health insurance costs by 2.1%. In 2017, labor costs in Romania rose most - 15%, the smallest growth (with a negative sign) is in the UK - 4.1%. In Bulgaria, labor costs in 2017 increased by 12% - second only to Romania.

The biggest increase in salaries is in Romania - 15.1%, while in the UK wage costs are down 4.5%. In 2017, wage costs account for 75.7% of EU labor costs on average, the lowest in France (67.2%), the highest in Malta (93.5%). In Bulgaria, wage costs increased by 11.8% - third place after Romania (15.1%) and Hungary (13.5%).

Two-digit growth also recorded the cost of social and health insurance, which increased by 12.7%. The highest growth rate is in Romania - 14.9%, a decrease of 9.1% in Luxembourg.

In 2017 the minimum wage in the EU ranges from € 235.20 in Bulgaria to € 1 998.59 in Luxembourg.

Labor productivity in Bulgaria is over two times lower than the EU average.

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Tags: labor, costs, Bulgaria, EU
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