A large portion of employees in Estonia find themselves in a financially difficult situation after covering their monthly expenses, with only a small percentage able to set aside a significant part of their income, a labor market survey by the job classifieds portal CV.ee indicates.
“The current economic environment has made saving difficult for employees, as wages have not kept up with the cost of living,” says Indrek Harjak, sales manager at CV.ee. “Looking at the results of the employer survey, significant wage increases are not expected any time soon, which in turn makes it increasingly difficult to achieve financial security,” he added.
The labor market survey by CV.ee shows that more than 75 percent of employees are not satisfied with their current pay. This makes job seekers worry about their future because their salary does not adequately cover living expenses and there is no financial reserve for unexpected situations. Employers have also decided not to offer new bonuses or raise wages in the coming months, which could further undermine employees’ financial security and increase stress.
For nearly half of all employees pay increases over the past year have been minimal or their wage has not risen at all. Only a third of employees have received a 5-10 percent increase, and the wages of some workers have in fact decreased. This leaves many workers in a difficult situation, where their coping under conditions where the cost of living is rising is becoming increasingly difficult.
Of respondents, 66.1 percent said they spend the most money on food and basic necessities, 56.2 percent spend the most on housing costs, 48.7 percent on utility bills and home expenses, 30.4 percent on transport, and 28.2 percent on loan payments.
Source: BNS
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