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Latvia or officially the Republic of Latvia is a country in Northeastern Europe. It borders the Baltic Sea and is one of the three Baltic states, along with Estonia and Lithuania, with which it borders to the north and south respectively. Its neighbors to the east are Russia and Belarus.
Latvia is a democratic parliamentary republic divided into 26 districts. The population of the country is 2.4 million people. The capital of Latvia is Riga.
On September 20, 2003, in a national referendum, Latvians voted for Latvia’s accession to the European Union, and on May 1, 2004, the country became a member. On March 29, 2004, Latvia joined NATO, along with 6 other Eastern European countries.
The ethnic groups in the country in percentage terms are just under 60% of the population are ethnic Latvians, about 27.4% are Russians, the rest are distributed among Belarusians, Ukrainians and Poles. The languages spoken are Latvian, and Russian is also very widespread. The country’s currency is the Latvian lat.
Latvia is one of the small Baltic countries, with its wonderful sandy beaches, wonderful pine trees, blue lakes attract tourists, especially in summer. The resort area of Jurmala is rightfully considered the pearl of the country. The average temperature in July is from +16°C to +18°C, with the sunniest and driest month being May.
Latvia has a well-developed river network, all rivers belong to the Baltic Sea basin.
Latvia is attractive not only for its natural beauty, but also for a wide variety of attractions such as monuments of architecture, art, and spiritual culture.
In almost every major Latvian city there are places of considerable interest to every tourist, starting with the resort town of Jurmala, which is famous for its white quartz sand beaches, numerous museums and a number of incredibly beautiful churches that have hospitably opened their doors in Jelgava, and the seaport of Liepaja is famous for its drawbridge designed by Gustave Eiffel (the creator of the ingenious drawings of the Eiffel Tower in Paris).
The sights of Daugavpils, the second largest city in Latvia, cannot be counted at all – almost the entire historical center of the city is one huge architectural monument with many unique brick and wooden buildings of the XIX century, impressive religious buildings and, of course, the most famous Daugavpils Fortress, which is an impeccable example of ancient military architecture.
In today’s episode, I will introduce you to minimum and average incomes, the variety of professions and the way salaries are distributed. Also, we will look at income and cost of living taxes in Latvia.
Minimum wage
The situation on the labor market is that there is an urgent need for personnel in Latvia – both highly qualified specialists and ordinary workers ready to engage in any, even the most difficult physical work. At the same time, unemployment in the country remains at a fairly high level, which is due to low wages. The latter circumstance forces the inhabitants of Latvia to leave in search of a better life in the neighboring countries of the Schengen area.
As in most countries, Latvia has a minimum wage below which companies are not allowed to pay their employees. Currently, the minimum wage in Latvia in 2024 is 620 euros, which is received by 21% of the population.
At the same time, it is important to note that each field of work has its own minimum wage. For example, a novice police officer will receive 712 euros, and the salary of a police chief is 2 500 euros. However, it must be borne in mind that the amount of salary in Latvia does not depend on the position held by one or another citizen, but on the number of duties performed by him. Therefore, two different employees occupying the same position may have different salaries.
Average salary
The average salary in Latvia in 2024 in euros has an upward trend.
The largest increase in salaries was noted in the following sectors:
Pharmaceutics
Insurance
Chemical industry.
At the same time, it is impossible not to note the decline in wages in some districts. They include scientific and technical direction, transport and warehouse storage.
The average salary in the private sector of the country’s economy today reaches 1 441 euros, and in the public sector – 1 420 euros. For convenience, I will present you the average indicators according to the position and pay in euros (excluding taxes):
State and municipal employees – 1 715
School principal – 1 400
Customs Inspector – 1 600
Actors – 1 262
Bank lending specialist – 1 400
Dentist – 1 500
Nurse – 1 100
Plumber – 1 000
Hairdresser – 554
According to the statistical agency of Latvia, the average level of income of citizens in the first quarter of 2024 reached 1 441 euros per month, excluding taxes.
Who gets the highest salary
Of course, many people are interested in which positions have the highest pay. It should be noted right away that the financial and IT sectors have the highest indicators. A little more information will allow you to compare salaries by profession in Latvia:
Position and Salary in EUR
Director of Information Technology – 2 775
Logistics Director – 1 715
Commercial Director – 1 753
Borsov Broker – 1 153
Finance Analyzer – 1 144
Financial Markets Specialist – 1 123
Software Engineer – 1 650
IT Security Specialist – 1 438
Head of the national market – 1 540
Apparently, it can be seen that, according to the data provided, the highest levels of remuneration are noticed among top managers in the financial sector and trade.
Payroll taxes
As in any country, this Baltic state has developed its own tax collection system:
1. Income tax is 20% for annual income not exceeding EUR 20 004, 23% for annual income from EUR 20 005 to EUR 78 100, 31.4% for annual income over EUR 78 100
2. Social – its size depends on the field in which the employee works. At the same time, if an employee is employed, then the amount of the fee will not exceed 10.5%, but for employers it reaches 23.59%.
All funds received from social contributions are transferred to the compulsory pension insurance system. In addition, each citizen can open an individual pension account.
We must not forget the real estate tax that Latvians pay annually.
Cost of living
I will make a different analysis, taking into account what standard of living can be expected in the Latvian state.
Assuming the low incomes of citizens, prices in Latvia cannot be called too high. To better understand whether it will be difficult or easy to live in this country, it is necessary to understand how the standard of living and the average salary in Latvia are related. As it turned out, an ordinary citizen can live quite normally with his monthly salary.
For example, meat products cost from 1 to 5 euros per kilogram. Prices of dairy products depend on the country of production. For example, hard cheese can be bought for 4 euros / kg, and it can be bought for 6 euros per 1 kg. One liter of milk will cost about 0.6 euros.
Medicine in Latvia is free for everyone who has compulsory health insurance. Latvians have to pay about 60 euros a year for it. One liter of gasoline here costs about 1.4 euros. As for entertainment, you can go to the cinema for 7 euros, drink coffee for 2 euros.
The issue of real estate is also important. Yes, renting a regular apartment starts from 150 euros. Here you have to add approximately 200 euros for utilities and internet. In short, the Latvian salary is enough for everything, but within very modest limits, without unnecessary expenses.