In 2024, the global labour market has undergone notable shifts, sparking widespread interest in wage trends and their driving factors. Across Europe and beyond, including Belarus, incomes are rising, driven by post-pandemic economic recovery, increased investment in innovative industries, and growing demand for skilled labour in specific sectors. These changes, however, vary greatly depending on local and international dynamics.
The article compares trends across industries and regions, looks at the primary forces behind wage rise, and offers data on the status of the economy as a whole. Understanding these shifts can help you assess the current and future conditions of the job market.
Why is it essential to know about the dynamics of salaries in IT?
In the rapidly changing world of information technology, employees of IT companies need to be aware of the dynamics of wages not only in their field but also outside it for several reasons:
Firstly, understanding market trends allows specialists to assess their value in the labour market adequately. In an environment of high competition for talented IT workers, knowledge of average salaries in similar positions or related fields will help employees negotiate more successfully for a promotion or a new position.
Secondly, the dynamics of wages in other industries can indicate the general economic condition and demand for specific skills. If salaries increase in different sectors, this may signal the general well-being of the economy and potential opportunities for retraining or changing fields of activity.
In addition, new technologies and specialities appear in IT every year. Analysing current trends in remuneration helps employees avoid outdated skills and develop relevant, in-demand competencies, which, in turn, positively affect their career growth.
Thus, awareness of salary dynamics is a way to defend your interests and an essential tool for professional development and adaptation to changing market conditions.
What indicators will we consider?
In Belarus, accrued wages are without tax deductions or other mandatory payments. The average monthly salary means that the indicator is the average for a specific economic activity (industry) in a particular calendar month.
It should be noted that we use official statistics (from the website of the National Statistical Committee of the Republic of Belarus) to analyse wage growth in Belarus.
It is essential to understand that it is too early to talk about wage growth in 2024 since accruals in December are usually higher than in other months of the year. December accruals were included in the wage growth statistics in 2023, but today, as of November 2024, we do not have data on accrued wages in December 2024. Therefore, regarding Belarus, we will compare the salaries accrued on average in 2023 (per year) and in October 2023 with those accrued on average in October 2024 to see the dynamics over 12 months. Let’s compare the accruals with the previous year and the same period last year – October 2023.
Who in Belarus has increased wages in 2024?
In October 2024, the average salary accrued to all employees in Belarus amounted to 2,363.4 rubles. The following are examples of amounts accrued by type of economic activity in October 2024 and their comparison with the figures for 2023.
- Information and communication: In October 2024, an average of 5,646.6 rubles were accrued, 5,273.6 rubles in October 2023, and 5,122 rubles in 2023.
- Financial and insurance activities: In October 2024, an average of 3,578.9 rubles were accrued, 3,010.5 rubles in October 2023 and 3,818.8 rubles in October 2023.
- Industry: In October 2024, an average of 2,622.8 rubles were accrued, and in October 2023, there were 2,154.8 rubles. In 2023 – 2,019.4 rubles.
- Transportation, warehousing, postal, and courier activities: In October 2024, an average of 2,463.7 rubles were accrued; in October 2023, 2,024.1 rubles were accrued; in 2023, 1,783.1 rubles were accrued.
- Construction: In October 2024, an average of 2,951.5 rubles was accrued. In October 2023, it was 2,330. 9 rubles. For 2023, it was 1,969. 9 rubles.
- Professional, scientific, and technical activities: In October 2024, an average of 2,919.4 rubles were accrued, 2,526.9 rubles in October 2023, and 2,338.5 rubles in 2023.
- Real estate transactions: In October 2024, an average of 2050.9 rubles were accrued, 1,675.5 rubles in October 2023, and 1,586.6 rubles in October 2023.
- Wholesale and retail trade, repair of cars and motorcycles: in October 2024 – 2,140.4 rubles, in October 2023 – 1,736.6 rubles. In 2023 – 1,681.5 rubles.
- Activities in administrative and support services: in October 2024 – 1685.1 rubles, in October 2023 – 1,380.3 rubles. In 2023 – 1,412.2 rubles.
- Creativity, sports, entertainment, and recreation: In October 2024, an average of 1,672.8 rubles were accrued, 1,406.7 rubles in October 2023, and 1,370.5 rubles in 2023.
- Education: In October 2024, an average of 1,570.3 rubles were accrued, 1,323.9 rubles in October 2023, and 1,317.0 rubles in 2023.
- Healthcare and social services: In October 2024, an average of 1,812.7 rubles were accrued, 1,612.6 rubles in October 2023, and 1,602.8 rubles in October 2023.
What are the dynamics of wage growth in 2024
In 2024, wages increased in all the industries considered. The growth averaged from 200 to 650 rubles per month. The maximum wage increase occurred in industry, construction, transport and scientific activities. Traditionally, wages have increased in high technology (information and communication), financial and insurance activities. There is not such a significant wage increase (in the region of +200 rubles) in sports, entertainment and recreation, education, healthcare, and social services.
Where in the world did wages rise in 2024?
In 2024, wages rose in several countries and industries, recovering after recent economic turmoil. However, the dynamics of wage growth varied depending on the region, the state of the economy, and the specifics of industries.
Europe
In most European countries, wages increased moderately. In the Euroland, growth averaged 3-4%, which is comparable to the figures for 2023. Earnings increased the most in countries such as Poland and the Czech Republic (5-6%) due to high inflation and employers’ efforts to retain workers in labour shortage conditions.
In Western Europe, for example, in Germany, wage growth was less noticeable (2-3%) but compensated for increased living costs due to energy and inflation.
USA and Canada
In North America, wage growth rates remained high—about 4-5% in the United States and 3-4% in Canada. A combination of factors drove this growth: continued low unemployment, rising minimum wages in several states, and high competition for qualified professionals.
The growth rate slowed slightly compared to 2023 as the labour market began showing signs of stabilisation after the pandemic and easing pressure on supply chains.
Asia
In Asia, wage growth was uneven. In China, growth was about 3%, below the level of 2023, amid a slowdown in the economy and a decline in exports. However, in India and Vietnam, wages increased significantly — by 7-8%, due to increased investment in production and increased demand for labour.
On the contrary, Japan showed a small but significant growth (1.5-2%), which became part of the government’s policy to stimulate the economy and improve the population’s welfare.
Latin America
In Latin American countries such as Brazil and Argentina, wages were rising, sometimes reaching 10-15%, due to high inflation and attempts to preserve the population’s purchasing power. However, real wages (adjusted for inflation) in some countries remained below the level of 2023.
Comparison with 2023
Overall wage growth in 2024 was less dramatic than in 2023, the year of recovery from the COVID-19 pandemic. The growth rate has stabilised as the economies of many countries have adapted to the new realities associated with high energy prices, geopolitical instability, and the transition to green energy. At the same time, inflation was falling in most countries, making workers feel more confident in their purchasing power.
Thus, 2024 became a year of moderate wage growth, with emphasis on regions with active economic development and high labour demand.
Which areas of the world economy will have pay increases in 2024?
In 2024, wages grew in various sectors of the global economy, although the dynamics varied significantly by region and sector.
- High technology and IT
There was a high demand for qualified specialists in the technology sector, especially in artificial intelligence, cybersecurity, and cloud solutions. This has increased wages by an average of 8-10% globally compared to 2023. - Healthcare
In developed countries, earnings in the health sector have significantly increased due to continued staff shortages and increased pressures on health systems following the pandemic. Real wages increased by 6-8% in this area. - Industry and construction
In developing countries, these sectors faced a staff shortage, which led to a 5-7% increase in salaries. In developed economies, growth rates were lower due to a slowdown in construction activity. - Energy and renewable sources
Salaries in this sector have increased due to increased investment in green energy projects. High growth rates were observed in countries with active carbon reduction policies.
The general trend towards higher earnings in key sectors was supported by low unemployment in developed countries and the recovery of economic activity in some regions. However, in developing economies, earnings growth was limited by high inflation and difficult financial conditions.
Conclusion
In 2024, the topic of wage growth in Belarus and the world remained relevant, reflecting complex economic, political and social processes. In Belarus, the increase in citizens’ incomes is associated with internal reforms, the dynamics of labour productivity, and government support for specific industries. At the global level, the trend towards higher wages was driven by inflationary pressures, competition for qualified personnel and international changes in the economy, including the transition to new labour models.
However, income growth is not always proportional to an increase in real purchasing power. For Belarus, the key challenge remains reducing inflation and ensuring stable economic development, which will support citizens’ long-term income growth. At the global level, the focus is shifting to the sustainability of wage growth in the face of automation, changes in supply chains and the transition to a green economy.
In this sense, the wage increases observed in 2024 should be viewed not merely as a reaction to immediate pressures but as a critical step toward building a more resilient and balanced future for national economies and the global market alike.
How to contact us
For more information or advice on issues related to IT business development in Belarus, do not hesitate to contact us. We are here to help and support you.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
