Time is money and that goes double for the company benefit of extra holiday time. In other words, a company is willing to provide an employee with more time off that is included their salary. More time off during the calendar year is currently one of the most attractive modern company benefits. A Paylab.com survey found that its attractiveness, together with flexible working hours, is on the rise. How many employees do receive 1 to 5 extra days off over and above the legally mandated holiday time? In some countries, however, going on holiday is a true luxury.
pay grows faster than employees with secondary school education
Educational attainment significantly influences standard of living. Among surveyed countries, the most added-value university degree was found in Hungary where employees with university education earn a monthly average up to 69 percent more than secondary school leavers. On the other hand, the lowest education-driven salary gains are in Bulgaria and Slovakia where graduates earn just over a third more on average than non-graduates.
Higher education brings more dynamic salary growth
Differences in the salaries of employees with varying educational levels are present from the beginning of careers. In the 17-24 age group, a graduate employee in the countries surveyed earns 34% more on average than those with completed secondary education.
The pay gap increases with age as the salaries of graduates increases more dynamically. In the 35-44 age group this difference is significant, when graduates have a head start compared with secondary school leavers in the countries surveyed by up to 73 percent, and up to 83 percent in the 45-54 age group.
Such salary received by graduate employees throughout their careers cannot be matched in terms of total income for employees with secondary school education.
GRAPH PAY BOOST: The pay gap based on educational attainment is present from an early age - most at 45-54 years of age. In some countries, graduate employees of this age earn twice as much on average as employees with secondary school education.
University graduates have more dynamic wage growth throughout their careers
University graduates can expect more significant salary increases up to 45 years of age. Secondary school graduates' progressive period with the best chance of improved pay is shorter - only up to 35 years of age. The age cut-off point for wage growth is therefore higher for university graduates compared to those with secondary school education.
In practice this means that while employees with secondary school education have slowed their pay growth by 35 years of age, the salaries of university graduates not only continue to grow but the salary gains are also much larger.
This trend of variations in salary growth based on educational attainment has been reported by Paylab.com in all monitored countries where it operates localized pay platforms.
GRAPH PAY PROGRESSION: The graphs analyse income progressions according to current employee age. This does not mean that the salaries of older employees are decreasing. Such can certainly grow over time, but whenever we compare increases with the current earnings of younger employees they will be lower because after a certain age salaries develop less dynamically.
Paylab.com was set up in September 2015 and operates 16 local salary portals utilising identical data acquisition methodology, mostly in the Central Southern and Northern Europe. It also provides people from around the globe with the opportunity to compare their salary at Paylab.com.
Paylab analysed salary data collected in the recent 12 months through localised salary portals: Bosnia and Herzegovina - Plata.ba, the Czech Republic - Platy.cz, Croatia - MojaPlaca.hr, Estonia - Palgad.ee, Finland - Palkkadata.fi, Serbia - InfoPlate.rs, Slovakia - Platy.sk, Hungary - Fizetesek.hu, Poland - PensjoMetr.pl, Slovenia - Placa.si, Lithuania - Manoalga.lt, Latvia - Algas.lv, Bulgaria - Zaplatomer.bg
Daniela Beráková, Communication & Content Manager for Paylab.com
Profesia, s.r.o., Pribinova 19, 811 09 Bratislava, Slovakia
Tel.: +421 2 32 20 91 89, Mobile: +421 905 761 264, e-mail: firstname.lastname@example.org