Wage dynamics will remain at an increased level in 2022-2023, and wages will increase by 8.1% y / y this year, by 7.8% in 2022 and by 7.3% in 2023 (after an increase of 5.3% last year), the National Bank of Poland (NBP) according to its report.
“In the years 2022-2023, the wage growth will remain at an elevated level due to the growing demand for labor with a low resource of people who could take up employment. The planned increase in the minimum wage in 2022 will have a neutral impact on the pace of wage growth in the entire economy, because it does not change the ratio of the lowest and average wages, it read in the “Inflation Report”.
This is confirmed by the results of surveys of enterprises indicating a still lower than before the pandemic percentage of companies reporting pressure to increase wages from employees and planning to raise wages. The increase in wages in 2021 in the national economy is also lowered by the wage freeze and a significant reduction in the payment of awards and bonuses in some entities of the public finance sector, although in health care the wage fund is increased by changes in the basic salaries of medical personnel and funds allocated to fighting the pandemic.
According to the central path of the projection, wage growth will amount to 8.1% y / y in 2021 and 7.8% in 2022 and 7.3% in 2023, against an increase of 5.3% in 2020.
Unit labor costs (ULC) – according to the central projection path – will increase by 3.5% y / y in 2021 and 2.7% each in 2022 and 2023, against an increase of 8.1% in 2020. labor – according to the central projection path – will increase by 4.4% y / y in 2021 and 5.1% each in 2022 and 2023 against a decline by 2.6% in 2020.
Source: NBP and ISBnews
