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Why did wages rise so fast during the pandemic?
Sodra data for the first quarter shows that the population’s labor income is growing even faster this year than it was last year. Resident salaries reached an average of € 1,465 before taxes or € 937 “in hand” and were 11% higher than a year ago, when 10 percent was registered. Annual growth.
As Brand Izomorodin, an economist at Brandnomika, explains, wage growth during the pandemic is unequivocally linked to Lithuania’s good economic situation.
“Both last year and this year, the Lithuanian economy weathered the pandemic very well, in some sectors, such as industry, they are” rising “very strongly. Without economic growth, wages would not have been able to grow as strongly.
The second aspect, this situation (salary growth rate – Delphi) perfectly reflects the structural problems in the labor market, because we have an interesting situation: on the one hand, the number of vacancies is growing and is record, on the other hand, the number of employed is growing, but slower than the number of vacancies. The result is that we are seeing a huge shortage of workers in the labor market and, as a result, wages are growing quite strongly and, I think, they should continue to grow at a similar rate, ”the economist comments on the Sodra data.
Salaries will grow between 7-8% this year: where are they the most?
However, he is more cautious with the forecasts for the second half of the year. In general, according to him, wages in Lithuania should grow between 7 and 8 percent. – less than last year, when even 10% was recorded. increase.
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