bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Monday 16.09.2019 | Name days: Dārgs, Asja, Asnate, Dāgs
LatviaLatvia

Swedbank reports 10% wage increase was observed for only 7% of residents last year

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAlthough according to statistical data general economic growth in Latvia has helped increase wages, only 7% of residents have experienced wage increase higher than 10%, according to a survey performed by Swedbank Institute of Finances.

According to respondents, the wage increase in the past twelve months was rather moderate and it was experienced by more or less 36% of the country’s residents.

As Latvian residents mentioned in the survey, wage increase was rather modest – up to 10% of their previous wage. This was mentioned by 29% of respondents. At the same time, 52% of employed people said their wage has not changed in twelve months. Another tendency is observed: when wage increase is mentioned the most happily by recipients of moderately high (700 to 900 euros after taxes) and recipients of high income (above 900 euros), according to survey results.

«Often we hear the opinion that wages usually increase for office workers, whereas people who perform manual labour do not feel any changes to their wages. Survey data shows that wage rise is equally felt by heads of companies and internal structures (40% admit), as well as specialists and office workers (38%), and manual labourers (40%). It should be said, however, that survey results also outline another major factor’s influence on wage growth – demand for specific knowledge and skills on the labour market. Respectively, the people who are already well-paid are valued greatly for their skills and their wages grow more rapidly,» explains Swedbank Institute of Finances expert Evija Kropa.

According to the expert, businessmen are in need of labourers with specific skills, for which they can expect to be paid generous wages. As beneficial tendencies continue in the economy, finding work will be relatively easy for people who want to find jobs, the bank adds.

Also in regards to the time it takes to find an appropriate job, residents’ opinion is not as unified. Employed people are cautiously optimistic, results of the survey show.

In regards to their abilities to find work if they lose their job, 37% of respondents are confident they will be able to find work in three months. 39% of respondents expect the search for a new job to take longer – six months or more.

Optimism in relation to labour market demand is mostly voiced by residents under 40 years. 55% of employed people aged 18 to 29 and 48% of people aged 30 to 39 years are confident finding a new job if they lose their current one would take no more than three months, according to survey results.

«Technological advancement causes changes in some professions and even creates new jobs. Because of demand for new knowledge and skills, it is challenging to find work at any age. To avoid stress from fruitless job hunt, people should continuously refine their skills and knowledge. There are different ways to do this – using stat-funded lifelong education programmes and different education courses,» admits Kropa.


Leave a reply

Ukraine planning surge in military spending as war continues

Amid preparations for Donbas War talks in the Normandy format, Kyiv has announced a draft national budget that would include a 16%-hike in defence spending.

Latvia’s number of vacant job above EU’s average in second quarter of 2019

In Q2 2019, the number of vacant jobs in Latvia was above the average of European Union and Eurozone, which is reflected in percentage ratio between the total number of jobs – both taken and vacant.

Estonia worried West’s loosening grip on Russia could end in third intervention

Amid concessions to Russia in the OSCE and calls to invite it to the G7, Estonian Foreign Minister has spoken against the possibility of lower European Union’s principles against Russia, which could encourage Moscow to carry out third interventionist adventure.

19 children and four kindergarten employees show signs of intestinal infection

By Sunday, 15 September, symptoms of intestinal infection were found for 23 people, including 19 children and four kindergarten employees in Sigulda and its surrounding areas, as reported by Disease Prevention and Control Centre.

Number of vacant jobs in Latvia up 5 900 or 23.8%

In Q2 2019 there were 30.5 thousand job vacancies in Latvia, which is 5.9 thousand vacancies or 23.8 % more than in Q2 2018. In public sector there were 8.6 thousand and in private sector 21.9 thousand vacant jobs.

Europe’s electricity network will help increase energy exchange opportunities

After Baltic States’ joining of the European Electricity Network, there will be an increase for opportunities in energy exchange and trade, says AS Augstsprieguma tīkls board member Varis Boks.

Tartu retail battle: Maxima objects being shoulder to shoulder with Lidl

In the city of Tartu, Lithuanian grocery retail chain Maxima is not satisfied with the local zoning plan that could see the first shop of its low-price competitor Lidl be opened close to its property.

Unemployment benefits in Latvia to be paid for eight, not nine months

From now on unemployment benefits in Latvia will be paid for eight, not nine months. The total amount is cut, thereby allowing Welfare Ministry to save EUR 12 million, said minister Ramona Petraviča in an interview to LTV programme Rīta panorama.

Transport pollution: Paris planning 500 subsidy to e-bike purchase to millions

As France aims to reduce its air pollution, greater Paris is considering a massive subsidy programme to millions of its inhabitants to the purchase of an electric bike.

Polluted areas in Riga disappear from registers; builders often relieved of clean-up

Polluted territories in Riga have a tendency to disappear from registers of such territories. Often this results in builders being relieved of the responsibility of construction restrictions and the duty to clean polluted territories, as reported by public broadcaster TV3 programme Nekā Personīga.

EU: Progress in Brexit talks not «huge» as PM Johnson says it is

«Huge progress» – these words were used by British Prime Minister Boris Johnson to describe the state of Brexit talks before he travels to Brussels hoping to overcome the Irish backstop problem. European Commission however is yet to receive alternative proposals to speak of.

Ex-chief of SRS occupies state real estate in Jurmala and has no plans to vacate it

For years ex-chief of Latvia’s State Revenue Service Andrejs Sončiks has occupied a state-owned house in Jurmala and no one has been able to run him out of it. Moreover, he has been known to earn some money of it by renting out the guest house on the internet, as reported by public broadcaster LTV programme De Facto.

Latvian government plans to finish work on public administration remuneration regulation

Latvia’s government plans to finish work on a new public administration remuneration regulation this week, as provided by the State Chancellery’s report on the completion of the reform in state administration submitted for review to the Cabinet of Ministers.

Global oil prices jump after attacks on Saudi Arabia

Oil prices in the world have jumped to the highest level in four months as oil facilities in Saudi Arabia suffered two attacks over the weekend.

Week in Lithuania: High-ranking judges dismissed, Achema loses EU court case, Lithuania’s EC Commissioner proposed

Last week in and about Lithuania, the top developments were the dismissal of two high-ranking judges, the formation of a new political group in Seimas and the Human Rights Court agreeing to Soviet repressions against Lithuanian partisans as genocide.

BNN summary of the week: state of emergency in Riga; seat for Dombrovskis; politics in construction cartel

At a speedy pace – this is how the emerging crisis in waste management was being prevented in Riga this week. Prime Minister Krišjānis Kariņš gave Riga City Council a bashing, saying that Riga is attempting to pass on its problems on the shoulders of the entire country. The prime minister asked the capital to settle its own problems. Nevertheless, the government declared a state of emergency in Riga.

Cooperation partners blast government for breach of law in budget development

On Friday, 13 September, multiple cooperation partners of the Latvian government blasted the Cabinet of Ministers for breaching the law in the development of the 2020 state budget.

Hourly labour costs in Latvia up 8.9%

Compared to Q2 2018, hourly labour costs rose by 8.9 % or 79 cents, reaching EUR 9.60 in Q2 2019. Seasonally adjusted data show increase of 7.0 %.

Latvian Justice Ministry insists on improving prison infrastructure

In regards to the topic of the state budget’s fiscal space in 2020 and expenditures for priorities, Latvia’s Justice Ministry insists on maintaining its position in regards to Liepaja Prison’s construction project’s necessity.

UK’s parliament speaker ready to prevent October 31 no-deal Brexit – a violation of law

In the Brexit saga, speaker of a parliamentary chamber has pledged to permit changing the rules of procedure to keep UK Prime Minister Boris Johnson from forcing a no-deal Brexit on October 31, seen as a potential violation of law.

Latvian government allocates more than EUR 192 million for priority tasks

On Friday, 13 September, Latvia’s Cabinet of Ministers decided at an extraordinary meeting on division of EUR 192.4 million for priority tasks of ministries and independent institutions.

Lithuanian shops using increase in wages to raise prices, analyst asserts

In Lithuania, inflation has been two times faster in 2019 compared to other markets in the euro area. Economist Žygimantas Mauricas believes retailers have used a surge in wages to increase prices, especially in grocery stores.

Beneficial owner status in a company does not always involve receiving material benefits

If a person is declared as a company’s beneficial owner, it does not always mean it is a person who is at the end of the chain and receives material benefits from companies.

Prague to move Soviet army Marshal, despite death threats to Mayor

In the Czech capital of Prague, a local government has decided to take down a monument devoted to a Marshal of the Soviet Union. It is planned to replace it with a memorial of a more general meaning.

Estonia to establish cyber diplomacy body to make its voice heard globally

In Estonia, where the authorities may much attention to computed technology solutions and the e-environment, the Foreign Ministry plans to open a Cyber Diplomacy Department.