Lithuania's average salary increased by 8.2% over the past year, influenced by a rise in minimum wage and varying growth rates across different economic sectors.
In the past year, Lithuania has seen a notable increase in average pre-tax earnings, which went up by 189 euros or 8.2%, reaching approximately 2,480 euros in the last quarter. The rise in salaries has largely been attributed to a 12% increase in the minimum monthly wage and the varying conditions across different sectors of the economy. Kristina ZitikytÄ—, an advisor at Sodra's Statistics, Analysis, and Forecasting Department, highlighted that we can expect faster salary growth in the education and healthcare sectors, where the pace of wage growth contributed to an overall increase of 8% across the country.
Despite these increases, the economic growth rate has been slowing. This has led to a deceleration in salary growth, with ZitikytÄ— pointing out that the salary increase in 2024 is estimated to be around 8%, while it was only about 4% in the previous year. The interplay between economic growth and wages demonstrates the challenges faced in maintaining wage increases in a fluctuating economic environment, reminding that other factors, such as inflation, are impacting the purchasing power of these wages for workers and their families.
As salary levels change, some professions are seeing significant gains, while others may find themselves envious of these increases, showcasing the disparities within the labor market. The report indicates that the evolving economic landscape calls for continuous monitoring of salary trends to understand the broader implications for workers and the economy.
