14.09.2024. / 16:57
BERLIN – What makes a good salary in your country? The answer to that question is not as simple as it seems. According to Kris Častin, director of research at the ERI Economic Research Institute, the answer depends on factors such as where you live, experience, education, industry, needs and lifestyle.
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Based on the estimates of employment agencies and the insights of experts, Euronews Business examined what a good salary is in some European capitals, and any salary above the average could be considered good, according to Čestin.
Anubha Verma, in her Indeed blog, points out that earning an above-average salary can help you comfortably cover your basic needs while still having enough for personal enjoyment, such as travel and entertainment, as well as savings.
According to Talentup, a gross annual salary between 64,000 and 70,000 euros is considered a good salary in Germany. This means approximately €40,000 to €43,000 net per year or between €3,300 and €3,600 net per month for one person.
Salaries tend to be higher in Berlin compared to other German cities when looking at different professions.
“Although the cost of living in Berlin has risen in recent years, it remains more affordable than other major European capitals such as London and Paris,” Michael Stahl, CEO of ManpowerGroup UK, told Euronews Business.
“Berlin offers professionals medium salaries between 40,000 and 60,000 euros gross per year,” he points out.
Mid-level professionals in London typically earn between £50,000 (€59,455) and £70,000 (€83,235) gross per year.
HousingAnywhere reported that the average net monthly salary in the UK was £2,297 (€2,725). In 2023, with living costs of £1,950 (€2,314), an average monthly net salary between £2,500 (€2,962) and £3,300 (€3,915) was considered a good salary in the UK.
Given that the average gross weekly wage in London was 23 per cent higher than the UK average according to the ONS, a good salary in the capital should be at least between €3,643 and €4,815. However, that status should be between €3,922 and €5,183 in Inner London, which consists of the City of London and 13 boroughs.
As salaries vary significantly depending on the sector, Stal provided a wide range.
“A good, representative gross salary for a mid-career professional in London typically falls between £50,000 (€59,455) and £70,000 (€83,235) a year,” he said.
A good salary for a comfortable life in France is around 3,200 euros per month for a single person
As of 2024, the average net monthly salary in France is €2,587, while the median salary is €1,940, according to HousingAnywhere. Typically, a good salary to live comfortably in France is around €3,200 per month for a single person or €5,600 per month for a family of three.
However, due to the higher cost of living in Paris, you will need approximately €3,400 per month to maintain a comfortable lifestyle in the capital.
A good monthly net salary in Spain is estimated at around 2,700 euros for one person.
According to HousingAnywhere, the average net salary in Spain in 2024 is €1,785 per month, or €2,250 gross. For a comfortable living, a good monthly net salary in Spain is estimated to be around €2,700 for a single person or €4,000 for someone supporting a family.
Given that the average salary in Madrid is 18 percent higher than the national average, a good monthly net salary in the capital for a single person should be at least 3,185 euros.
“A mid-career professional in Madrid can reasonably expect to earn between €35,000 and €55,000 gross per year,” said ManpowerGroup’s Stal.
“Although lower than in London or Paris, this range is in line with the more moderate cost of living in the city,” he explained.
In Ireland, a gross salary in the range of 4,100 to 6,000 euros per month is considered good for a comfortable life, according to Instarem.
The gross average salary of full-time employees in the country is 3,220 euros per month.
Rome is lagging behind
According to ManpowerGroup, a good salary for a mid-career civil servant in Italy is usually in the range of 35,000 to 50,000 euros gross per year.
“Wages in Rome are generally lower compared to Northern European cities, but this is partially offset by the lower cost of living,” Stahl said.
A good gross salary in Rome usually ranges between €3,750 and €5,690, according to Salary Explorer.
Salary Explorer provides estimates of a good gross monthly salary for other capital cities as follows:
Athens: €2,250-€3,410.
Helsinki: 4.510 €-6.830 €
Copenhagen: €5,400-€8,180.
Stockholm: €3,900-€5,900.
Look at total earnings, not just salary
“Good salary” does not only refer to the basic salary. “Look at the full compensation package, including bonuses, stock options, health insurance, pension contributions, paid time off and other benefits,” Stal said.
“In some cases, these benefits can make a lower base salary more attractive,” he stated.
Pavel Adrjan, head of EMEA research at Indeed Hiring Lab also underlined that the world is going through a historic transformation of work.
“Our data shows that searches for remote and hybrid work are at or near record highs in France, Germany, Spain and the UK,” he told Euronews Business.
Greater satisfaction with wages in northern and western EU countries
The 2023 Quality of Life in European Cities survey by the European Commission’s Directorate-General for Regional and Urban Policy reveals significant variation in household financial satisfaction across the EU.
The share of people satisfied with the financial situation of their household ranges from 39 percent in Athens to 87 percent in Luxembourg. Satisfaction is generally higher in cities located in northern and western EU countries. Investor.me
Source: www.capital.ba
