Average Salary and Highest Paid Professions in the Eurozone Countries

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Remote Software Developer Salary 2023 - Arc

EU labor legislation is considered one of the strictest. It places special emphasis on working conditions and workers’ rights, anti-discrimination and occupational safety. However, when it comes to salaries, there are differences between countries, influenced by various factors: the state of the economy and the labor market, inflation, the level of demand, etc.

According to Eurostat, the average annual salary in 2022 ranged from €106,839.33 (Switzerland) to €12,923.66 (Bulgaria).

After Switzerland, Iceland took the second place in the ranking of countries with the highest salary (81,942 euros). Luxembourg (79,903 euros) completed the top three. Norway (€74,506) and Belgium (€70,297) are next.

Workers are paid the least in Bulgaria (12,923 euros), Romania (14,500 euros), Croatia (17,842 euros), Hungary (18,274 euros) and Poland (18,114 euros).

Eurostat notes in this report that the average hourly wage in the EU was 30.5 euros. The average annual salary of childless workers was 26,136 euros. Employed couples with two children earned an average of €55,573 per year.

Average annual net wages have risen slightly in recent years in both the EU and the euro area, but not as much as expected. This is largely due to a slowdown in labor productivity, especially after the global financial crisis, despite economic growth in the European Economic Area.

The highest paying employment sectors in Europe are finance, insurance, electricity, mining, information technology, retail and education. The lowest paid are administrative support, hotel business and construction.

When evaluating purchasing power in different countries, inflation should be taken into account. In the last two years, the EU and most countries in the European Economic Area have seen a sharp increase in inflation, the main reason being the pandemic.

In this case, an increase in inflation is likely to lead to a decrease in wages and an increase in the cost of living. Wage growth often cannot keep up with price growth.