Income - Slight increase in real wages in Saxony
Employees in Saxony have a little more money in their pockets: real wages have once again risen slightly, as announced by the State Statistical Office on Wednesday. They rose by an average of 0.3 percent in the third quarter compared to the same period last year. The statisticians had already recorded an increase of 0.7 percent in the previous quarter this year.
In nominal terms - i.e. not adjusted for inflation - wages rose by 6.6 percent in the third quarter. The statisticians attribute this development primarily to payments of the inflation compensation premium. As the inflation rate also fell slightly, the slight wage increase for employees was reported.
Employers can voluntarily grant their employees the inflation compensation bonus free of tax and duties up to an amount of EUR 3,000 in the period from October 26, 2022 to December 31, 2024. The bonus is part of the German government's relief package to cushion high inflation rates.
The nominal wage index shows the development of employees' gross monthly earnings including special payments. The real wage index provides information on the price-adjusted development of earnings.
Read also:
- Will he be convicted as Jutta's murderer after 37 years?
- He also wanted to kill his cousin
- With live stream! Gawkers film dying man
- Is Saarland threatened with economic collapse?
Consumers in Saxony might experience a slight improvement in purchasing power due to the increase in real wages, as indicated by the statistics. The increase in nominal wages, driven largely by inflation compensation premiums, could potentially impact the prices of goods and services available to these consumers, influencing their overall income situation.
Source: www.stern.de
