January 10, 2023

According to data from Eurostat for the third quarter of 2022, the cost of labor per hour increased throughout the EU by an average of 3.4% annually. Bulgaria stands out with a record growth of more than 16% in comparison to this modest average increase. The mining sector saw the biggest growth, at 14.2%.

Although a decline in inflation is anticipated, a desire to raise wages is also anticipated. Employers will consider the decline in the number of workers who are actively employed. In major economies, a recession is anticipated. This implies that some Bulgarians holding low-level posts abroad will return home, increasing the labor market’s flexibility in Bulgaria.

This might prevent salaries from rising faster. According to Assoc. Dr. Shteryu Nozharov, economic adviser to the Bulgarian Chamber of Commerce, it will continue but at a moderate pace.
He claims that because hotel work is seasonal, it is challenging to keep employees on board. “When employers want to keep their workers, they raise salaries. Executive function salaries are low in Bulgaria, although those with strategic functions are comparable to those in Europe. “Over 2,000 euros are given to 100,000 persons,” he noted.

According to him, firms will be increasing wages due to inflation and the declining labor force. “The highest paying industries are in finance and information technology since these jobs can be done from home. Both high and low earnings increase thanks to the maximum insurance income. Employers want to make the most money possible, but they may achieve this by maintaining a high level of qualified employees “Nozharov added his thoughts.

Source: novinite.com
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