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Monday 22.07.2019 | Name days: Marija, Marika, Marina
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Swedbank reports 10% wage increase was observed for only 7% of residents last year

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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.


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