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ECB wage tracker indicates negotiated wage pressures will ease

17 Mar '25

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ECB wage tracker indicates negotiated wage pressures will ease

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Insights

The European Central Bank wage tracker indicates negotiated wage growth with smoothed one-off payments of 4.7 per cent in 2024 (based on an average coverage of 48.2 per cent of employees in seven nations) and 3.3 per cent in 2025 (based on an average coverage of 40.5 per cent).
The tracker excluding one-off payments signals negotiated wage growth of 4.1 per cent in 2024 and 3.9 per cent in 2025.

The European Central Bank (ECB) wage tracker, which only covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.7 per cent in 2024 (based on an average coverage of 48.2 per cent of employees in participating countries) and 3.3 per cent in 2025 (based on an average coverage of 40.5 per cent).

The ECB wage tracker with unsmoothed one-off payments indicates average negotiated wage growth of 4.8 per cent in 2024 and 2.8 per cent in 2025.

The steeply downward trend of the forward-looking wage tracker in 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024, but drop out in 2025) and the front-loaded nature of wage increases in some sectors in 2024, an ECB release said.

The wage tracker excluding one-off payments indicates negotiated wage growth of 4.1 per cent in 2024 and 3.9 per cent in 2025.

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