Average salaries vary greatly across Europe, as they are influenced by a variety of factors, including economic development, living standards, the labor market and local regulations. Where is Latvia on the list? According to Eurostat, Switzerland ranks first with a very impressive indicator – the average annual net salary in this country is 85,582 euros. Next come Iceland and Luxembourg, where residents earn an average of €53,885 and €49,035 per year respectively. In Norway and the Netherlands, incomes also exceed 45,000 euros. The Baltic countries, Poland and other Central and Eastern European countries are at the bottom of the list. However, as a recent survey by Citadele Bank showed, 28% of Latvian residents hope that within the next year their employer will increase their salaries by 1-5%. And it is interesting that among the Baltic countries, Latvia has the largest share of respondents who hope that their salaries will increase by more than 10%. This is the opinion of 7% of respondents in Latvia, 6% in Lithuania and only 4% in Estonia. A salary increase of at least 10% is expected for Latvians who have not yet reached the age of 40, live in Riga and its environs, work in the service and trade sectors, or hold management positions. At the same time, there are twice as many men as women who expect such a promotion. The average annual net salary is calculated by subtracting the annual gross salary for income taxes and social security contributions, and then adding family benefits. The economic status of the family, such as the number of dependents, affects income.
