Average salary growth in Lithuania over the past decade has been one of the fastest among members of the Organization for Economic Co-operation and Development, according to a study by the international financial technology company Tipalti.
Its data showed that the average annual salary in Lithuania almost doubled between 2011 and 2021. Last year, it reached $21,400 (20,400 euros at today’s exchange rate), or 95.5% more than in 2011 ($10,960 or 10,430 euros).
“If pay continues to rise in the Baltic States over the next decade, it could become very attractive to any foreign worker,” the study concludes.
Lithuania came in second among 34 countries in terms of pay growth, lagging only behind Latvia where the average pay increased by 104%, to $18,100 (17,200 euros) over ten years.
Estonia was third with a growth rate of 88.5% and average pay of $20,400 (21,400 euros), while in Poland the average salary increased by 55.8%, to $13,300 (14,000 euros) in 2021.
The slowest wage growth has been recorded in Spain where the average salary has gone up by 3.8%, to $27,000 (28,300 euros). Meanwhile, the average salary has fallen by 19.9%, to $15,900 (16,800 euros) in Greece.
Tipalti, a US-based financial accounting technology company, assessed data from 34 OECD countries. (LRT/Business World Magazine)
