The start of the New Year will mean a pay rise for some one million employees in this country. Wages are following the rise in the cost of living. In general workers are receiving a pay increase of around 11%.
Automatic wage indexations mean an indexation rise for a million private sector workers. The 11% increase is the biggest since the introduction of automatic wage indexation.
Life became more expensive in 2022 as a result of the war in Ukraine and a surge in demand for energy sources that don’t come from Russia. Inflation topped 12.27% in 2022.
Workers in the building sector, in telecom companies, the IT sector, consultancy, publishing and printing, the tourism and travel sectors will all enjoy an 11.08% pay rise.
A half a million workers in the food industry, in food retail, freight transport, hospitality, insurance and real estate are all getting a similar rise.
The 11% pay rise corresponds to the five 2% automatic top-ups awarded to public sector workers in the course of 2022. It’s the first time so many top-ups have been awarded in one single year.