![]() Iceland’s high salaries are driven by a large proportion of the country’s private sector banking on collective agreements. What's driving high wages in Iceland and Luxembourg? On the other end of the spectrum, the lowest paying sectors tend to be administrative support, hospitality and construction. Typically the highest paying sectors in Europe are finance, insurance, electricity, mining, information technology, retail and education. It also functioned as a guideline for employers. This made it easier for employees to recognise pay discrimination. This was followed by the commission launching the Pay Transparency Directive in June 2023, with a €6.1 million fund to help implement the same. What is the EU doing to bridge the pay gap?īack in 2020, the European Commission announced a strategy to attempt to bridge this gap by 2025. However, according to the European Commission, the pay gap increased 13% in 2023. The unadjusted gender pay gap was 12.7% in 2021, with the largest gap being seen in Estonia, at 20.5% and the smallest gap being in Luxembourg at -0.2%. Working couples with two children clocked in an average of €55,573 yearly. Average annual salaries for single employees without children were €26,136. ![]() How countries across Europe compare on payĪccording to Statista, in 2022, the average annual wages ranged from €73,642 in Iceland, down to €24,067 in Greece. ![]()
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