Real wages of Lithuanian workers have grown at the fastest pace among the members of the Organization for Economic Co-operation and Development (OECD) since late 2019, the Social Security and Labour Ministry reported on Thursday citing the organisation’s data.
Wages in the country have grown by 16.5 percent over the past five years, compared to the OECD average of 1.5 percent, the ministry said in a press release.
At the same time, the real minimum monthly wage in Lithuania grew by more than 20 percent over the same period, while the OECD average was 12.8 percent.
According to Minister Vytautas Šilinskas, Lithuania has weathered various crises better than other countries.
“Producing cheaper not only hurts workers, but also local businesses, because consumers have no money to buy goods and services. As workers’ incomes rise, local businesses can also earn more,” the press release quoted him as saying.
According to the OECD data, real wages in Lithuania grew fastest in the sectors of healthcare, social work, education, information and communication, and finance and insurance.
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