Albania gets lowest working time cost in Europe

The average time cost for full-time labor units in our country is 3.1 euros, according to the findings of the latest INSTAT report on labour costs.

Then countries such as Serbia and Bulgaria are ranked at average time costs for full-time working units 6.2 and 6.5 euros, respectively.

Norway and Denmark have an average cost of 47.3 and 45.3 euros, respectively.

Work costs consist of expenses for pay and compensation, plus other costs such as costs for social insurance contributions and other costs paid by the employer. Much of the cost of labour is undertaken by costs for wages and rewards, followed by costs for contributions and insurance. In 2020, the bulk of the cost not for pay and rewards was the highest in France (32.1%) and Sweden (31.6%), while the lowest in Lithuania (2.9%) and Romania (4.9%).

According to INSTAT, the results of the Labor Cost Survey during 2020 are estimated that in Albania, in non-management companies of over 10 paid employees, the average annual cost for full - time labor units is $827,534. The average monthly cost for full-time labor units is 68,961m.

During 2020 the average number of employees versus a salary (full - time and part - time) for companies in the study is 376,099.

If we convert the number of part-time employees to full-time work units, then the number of employees in a full-time workforce is 373,659.

Full - time employees make up 97,6 %s employees and part - time employees 1.9 %. The percentage of interns reported by companies in the study is down 0.5%.

Non-budget companies with 10 employees and more, with the largest number of wage employees, are in the sectors of the Equipment, Trade, Majority and Education Industry.

The average annual number of hours paid for a full-time labor unit is 2,362 hours, while the average number of current hours working for full-time working units is 2,118.

The cost structure of non-management companies with over 10 employees at wages, for full-time labor units, is the following:

BAR 85.6 % of the costs are for salaries, rewards and other additions;

BAR 14,1 % are for social security contributions (the employer's share);

0.3 %s is for other expenses as cost of recruiting or payment for protective clothing for

employee;

0.1 % of the total annual cost goes for professional training and labour taxes;

- Yeah.

The average time cost for full-time working units increases with the size of the company. The average time cost for full-time labor units is the highest in non-friendly companies at 1,000 and more employed at wages, about $490 and lower for non-friendly enterprises with 1049 employed salary, about $360.

According to economic activity, the average time cost for full-time labor units is higher in financial and insurance activities of $756 and lower in accommodation activities and food service activities 245 leks, the 272-dollar processing industry and water supply activities, treatment activities and waste management, regulation of $221.