Everything indicates that employees can expect a significant increase in wages. According to economist estimates, wages may increase by an average of about 5,2 percent, which means the highest increase in ten years.
A large increase in wages is expected in 2024
Fellesforbundet and Norsk Industri have until midnight on Saturday, April 6 to make arrangements this year's pay increase. For the first time in a decade, wages may rise more than prices in what is known as increase in real wages.
Chief economist Harald Magnus Andreassen of Sparebank 1 Markets joins most economists in predicting wage growth of around 5,2% on average. This is more than one percentage point more than the forecast price increase, which is likely to amount to 4,1%.
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Salaries in Norway. More than in the last decade
Economic framework for setting wages at 5,2%. mean a real wage increase of 1,1%. in relation to inflation. This is significantly more than what workers have received in the last decade.
For example earnings:
- Annual salary in amount of NOK 600 would mean an additional NOK 6 increase in real wages.
- Annual salary of 500 NOK would mean extra NOK 5 increase in real salary.
- An annual salary of NOK 400 would mean an additional NOK 000 increase in real wages.
An increase in real wages means additional money for employees, which will remain in their pockets.
This good news means that Norwegian workers can expect a real salary increase, which represents a positive turnaround for their financial situation.
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Source: FriFagbevegelse, Photo: Wojtek Sobieski
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