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Contracting Blog

Contractor Wages

27/08/2015

Higher wages have always been one of the top reasons for a person to opt to become a contractor rather than engage in a more secure full time position.  In 2014 it was reported that self-employed contractors in the UK were earning around three times the national wage.  When it comes to Europe however the wages differ greatly and therefore play a large part in the decision to contract abroad.
 
In a recent report issued by the European statistics service Eurostat it was reported that in 2014 the average hourly wage in European ranged from EUR 3.80 to EUR 40.30 per hour.
Denmark was cited as having the highest hourly wage.  Scandinavian countries generally ranked high on the scale for salaries, but it should be noted that these also generally have higher rates of personal tax.  Bulgaria and Romania were cited as offering the lowest wages.  Estonia, Latvia and Slovakia had the most prominent increases in 2014.

Wages are obviously dependant on several factors such as the experience and the qualifications of the personnel which is directly linked to the demand i.e. if it is imperative that the position is filled, but there is not an abundance of qualified/experienced personal then the wage will generally increase.  Ultimately when it comes to contracting it is the company who are offering the position who will state the wages, but due to significant differences in personal taxes and general cost of living just because this sounds high does not always make it the best deal and vice versa a country with a comparatively low wage may actually work out for the best once factors such as personal tax and cost of living are taken into account.  When contracting in Europe it is important to investigate average wages, tax and cost of living thoroughly before making your decision.

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