Analysts expect rapid wage growth to continue into 2024

Money (photo is illustrative).
Money (photo is illustrative). Source: Emilian Robert Vicol / Pixabay

Wages rose by around 10 percent last year, pushed up by rising prices and inflation. Experts believe the trend will continue this year and next.

Prices in Estonia rose by slightly under 20 percent last year and wages by approximately 9 percent.

LHV economic analyst Kristo Aab said wage growth will remain at this level for the next couple of years.

"[By] Just under 10 percent. Broadly speaking, it should be more or less at the same level as this year's inflation rate. If, last year, purchasing power declined by about 10 percent, according to current estimates, there should not be such a big loss [this year]. But there is no real improvement in people's purchasing power either," he told Tuesday's "Aktuaalne kaamera".

For the majority of last year, Estonia's inflation rate was above 20 percent. It fell in December to 17.5 percent and is expected to continue falling in the coming months.

Tallink employees are currently negotiating for a 20 percent pay rise.

Workers at supermarket chains Maxima and Selver received increases of 8 percent and 12 percent, respectively last year, AK reported.


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Editor: Barbara Oja, Helen Wright

Source: Aktuaalne kaamera

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