Projections Show 9.3% Salary Rise for Bulgarian Workers in 2024
The Ministry of Finance anticipates a 9.3% increase in wages for Bulgarian businesses this year, as outlined in the latest Convergent Program of Bulgaria
Preliminary data of the National Statistical Institute, NSI for the fourth quarter of 2017 indicate that the total hourly labour cost rose by 12.2% compared to the fourth quarter of 2016.
The total hourly labour cost grew by 11.7% in industry, by 11.8% in services and by 11.9% in construction. The breakdown by economic activities showed that the highest annual growths in total labour costs were recorded in ‘Education’ - 20.2%, ‘Other service activities’ - 19.1% and ‘Administrative and support service activities’ - 15.0%.
The lowest increase in total labour costs was observed in ‘Arts, entertainment and recreation’ by 1.1%, ‘Electricity, gas, steam and air conditioning supply’ by 3.7% and ‘Financial and insurance activities’ - 6.9%. In the structure of the total labour costs, the wages and salaries costs per hour worked grew by 12.0% in comparison with a year earlier, while the other (non-wage) costs rose by 13.2%.
Among the economic activities in the fourth quarter of 2017 compared to the fourth quarter of 2016 the growth rate of wages and salaries component ranged from 1.0% in ‘Arts, entertainment and recreation’ to 20.1% in ‘Education’.
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