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What are the net salaries for some of the most popular jobs in Europe? Euronews Business takes a closer look at what happens when you move.
Moving for a better future often brings with it a huge headache: finding out where the best offers are, such as who offers the best salary, what the cost of living is, etc.
Half of the 3.7 million people who moved to the EU in 2021 did so for economic and family reasons (either from within or outside the EU).
Total salary figures for job opportunities can often be misleading when researching where best to move to (unless you’re a fearless accountant with a knack for figuring out taxes), especially if the destination is a place like Denmark, where Workers face one of the highest wage tax burdens in the EU.
According to Eurostat, the average annual salary (single person) in 2022 ranges from €81,818 in Switzerland to €15,335 in Greece.
To understand how your take-home pay can vary significantly depending on where you choose to live, we analyzed the salary competitiveness of five popular jobs in Eurozone countries, the UK, Norway, Denmark, Switzerland and Iceland.
How we solved it
Due to the complexity and diversity of tax systems across Europe, we focus on the average single worker and examine the final figure after average personal income tax and social security contributions are deducted from gross wages. The total ratio, including these two deductions, is based on 2022 data provided by the OECD.
If you decide to crunch the numbers yourself, you’ll discover that there are two types of income tax rates: effective and marginal. The latter often exceeds 40% in Europe, with chilling examples from Denmark (55.5%), France (55.2%) and Austria (55%).
This rate, also known as the “maximum statutory personal income tax rate,” applies to the share of income in the highest tax bracket in the progressive tax bracket (the first tens of thousands typically fall into various categories from 10% to 25%).
In our calculations, we decided to use effective tax figures (the average tax rate on the entire payroll) to get the most accurate figures for each occupation.
In the example below, total salary is the median provided by job site Glassdoor.
project Manager
According to data collected by Euronews Business, the median salary for project managers is the highest in Denmark (across all experience levels and all industries), but after personal income tax and social security contributions (a total of 35.5%), you may find that in Switzerland The company made an offer that was almost as good.
If you prefer strong workers’ rights, broad social security support and good wine, France may be a better destination. Depending mainly on your qualifications and education level, the total salary for a project manager in the EU’s second largest economy ranges from €45,000 to €75,000, with the average take-home pay (after taxes and benefits) for an individual worker being €72.3 %. of total salary in 2022 (OECD average 75.4%).
data analyst
There is a growing demand for data analytics in Europe. Although Denmark has the highest total wages, Switzerland has the highest total wages, with workers taking home 81.5% of their wages, the highest proportion across the continent.
Among countries with a mid-range salary total, Belgium ranks first with a total salary of 68,424 euros. However, its net offer was less than €41,000, whereas in Estonia the same job could net €48,030. Well, if you’re a data analyst, we can let you handle the rest…
software developer
Among the vacancies for online recruitment in the second quarter of 2023, software developers and sales assistants are the most in demand positions in Europe.
Considering net income, software developers earn the most in Switzerland (€89,998), Denmark (€78,516), Iceland (€62,536) and Estonia (€56,451).but if you look carefully The largest number of job vacancies in Europe awaits therethe Netherlands and Belgium may be better choices.
sales Manager
Sales manager salaries are considerable in Denmark, Finland, Switzerland and Belgium, with Denmark having the highest average net salary of €171,781, or more than €14,000 per month.
engineer
Annual net salaries for engineers in Switzerland are expected to be over €89,000, the highest in Europe, while the average annual net salary for engineers across the continent is just over €39,500.
According to the data selection, out of the five jobs and the numerous countries’ offers we examined, the title of highest net average annual salary goes to sales managers in Denmark (€171,781), whereas the lowest is a modest €15,503 for engineers in Croatia.
Cost of living and inflation rates also need to be taken into account when calculating the real value of a net salary in a particular country. In the meantime, take a look at the Eurostat chart above, showing the average price range across Europe.
Prices in Switzerland are 174% higher than the European average, which may not look so attractive…
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