Since 2023, wages in Austria have risen nearly twice as quick as within the euro space. The liberal assume tank Agenda Austria pointed this out on Monday – based mostly on figures from the Austrian Nationwide Financial institution and the European Central Financial institution.
In accordance with the report, the collective wage will increase in Austria this 12 months quantity to round 8.5 %, in comparison with a mean of 4.6 % within the eurozone. The excessive inflation in Austria has additionally resulted in excessive wage agreements right here, as a result of wage will increase are based mostly on the common inflation charge of the previous twelve months. No different European nation applies this so constantly, it’s mentioned.
This has severe penalties as a result of Austria is shedding competitiveness resulting from sharply rising unit labour prices and stagnating productiveness, says Agenda Austria director Franz Schellhorn: “Austria should slowly begin to think regarding whether or not the best way it units wages shouldn’t be tailored to that of its competitor nations.”
