The hourly wage costs in Belgium saw the smallest increase among all Eurozone countries in the first quarter of 2024, based on the latest figures from the European Statistical Office, Eurostat.
In the first three months of 2024, Belgium’s hourly wage costs rose by just 2.3%, compared to the same period the previous year. The average hike in the Eurozone was 5.1%. Croatia, Latvia and Lithuania witnessed the most significant increases of 15.3%, 12.7%, and 11.1%, respectively.
Neighbouring countries reported larger wage increases than Belgium, with The Netherlands noting a high of 7.8% and Germany, an increment of 5.9%. The difference with France was less significant, recording an increase of 2.7%.
Contrasting the current wage scenario, Belgium was among the leaders in wage cost growth in the Eurozone in the first quarter of 2023, with a yearly increase of 9.6%, according to the previous statistics. This is in comparison to 5.3% in The Netherlands, 5.9% in Germany, and 4.3% in France.
Belgium has a distinctive automatic indexation system which makes their wages rise more rapidly in line with inflation. The wages in neighbouring countries typically follow this trend, though with some delay.
