Everything indicates that salaries in Germany will increase by almost 5 % in 2024. A management consulting company has been publishing salary forecasts for almost 15 years.
This year, 777 companies were also surveyed. Wirtschaftswoche is now reporting on the salary forecast results for 2024.
It is expected that salaries in Germany will increase next year
According to Wirtschaftswoche, companies, as in the previous year, expect a salary increase of around 5 %.
However, there is a significant difference from last year. This time, the forecast exceeds the expected inflation rate for 2024, which most experts estimate to be around 2-3 %.
This means that wages will grow faster than inflation. It turns out that working Germans will find life a bit easier. Next year, many may have extra money in their wallets.
Wirtschaftswoche writes that inflation remains undoubtedly the most important factor in changing wages. A total of 65 % of surveyed companies cited it as the reason for the planned salary increase.
Another factor influencing wages is the current labor market situation. Candidates have more negotiating power with companies. In fact, survey participants did not expect the situation to change in the medium term.
Some compensation experts note that there is immense pressure on employers now. In particular, employees are demanding higher wages due to the overall increase in prices for basic goods and the rising cost of living in general.
Against this backdrop, there has been a significant increase in worker strikes in various industries over the past year. Unions, in turn, also support the working class, demanding higher wages from employers.
Therefore, companies are forced to find ways to pay higher wages to their employees. Wirtschaftswoche notes that two-thirds of companies plan to finance additional costs through increased productivity.
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In response to the expected 5% salary increase in Germany, many employees might experience an improvement in their financial situation. As mentioned by Wirtschaftswoche, the majority of surveyed companies plan to cover the additional costs associated with higher wages by enhancing productivity.
