Haugesund Newspaper – Payroll Alerts in Norway – Your Salary Will Increase So Much

ECONOMY: "Companies need more people, high profitability and low unemployment, which is the ideal combination for the resumption of wage growth," says Frank Jullum, chief economist at Danske Bank Markets for Nettavisen. .

Meklerhuset expects solid wage growth in the coming years. They expect a wage growth of 3% this year, but it is only a beginning. Next year they expect growth of 3.5% and, by 2020, of 4%.

This means that if you had a salary of half a million last year, you will earn 554,000 crowns in 2020.

The oil crisis

That's a lot more than what wages have been increasing for four years.

"We have seen low wage growth in recent years as business profitability has been lower than that of oil prices," said Jullum.

Now, however, the situation is completely different. Oil prices are at $ 80, while Norwegian oil companies need only $ 21 a barrel. barrel to make money. In other words, oil companies make a lot of money and can afford to pay more employees.

Battle for the labor force

When Equinor and co. Due to high wages, non-oil companies also have to raise wages to retain their employees.

In addition, the supply of labor is low because the number of unemployed is very low in Norway.

"In recent years it has been interesting to find a job because many have had to finish after the oil crisis.Now, it's much better and all indications are that employment will increase further," said Jullum.

You must import labor from abroad or a city in relation to the price of the continent if you want to attract people.

Not so much immigration

At the beginning of this decade, the huge need for manpower has led to a very high rate of labor migration in Norway.

However, you do not think that will happen to the same extent.

– In the early 2010s, Europe has had some difficult times. Now the situation is completely different. In Poland, wages are rising by 7% a year and they have to import the workforce themselves. So, we think that the immigration of labor is coming, but not as much as we have seen, says Jullum.

He points out that this is not just good news for Norwegian companies, at least for those who compete with the company abroad.

"This is going to be a big problem for anyone with good general conditions with low wages and a low crown, but that's quite natural," he says.

This case is from Nettavisen.