Luxembourg's high salaries are offset by living costs |
Workers earn more in Luxembourg than anywhere else in Europe, but the generous local salaries are offset by high living costs, according to the Grand Duchy’s national statistics agency Statec. The average gross annual salary in Luxembourg is €64,932, almost double the European average and eight times that in Bulgaria, but the value of the average gross annual salary in France, which is normally 58% of the total in Luxembourg, rises to 67% compared to its smaller neighbour when the cost of living and purchasing power are taken into consideration. In Belgium, the value of salaries increases from 71% of the Luxembourg total to 80% when adjusted for the cost of living, and increases to 84% in Germany, where it is normally 69% when a direct comparison is made. "The Grand Duchy has the highest legal minimum wage in the European Union. However, the differences between countries are reduced considerably if we adjust minimum wages for the purchasing power," the Statec report notes. |
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