A new study of 32 European countries shows that workers in Ireland on a €60,000 salary do better in take-home pay than most European counterparts
The research, taken across 32 countries by the Irish employment outsourcing company Boundless, shows that someone in Ireland takes home €43,203 from a €60,000 salary, behind a UK worker’s €46,236 from the same salary.
The survey also shows that Ireland is the sixth cheapest country to employ someone on a €60,000 salary, with employers paying an average of an extra €6,630 to do so.
It is more expensive to employ a UK worker on €60,000, costing employers €67,099.
Today’s News in 90 Seconds – July 8th 2024
Boundless employs people on behalf of its customers in 25 countries. It obtained the data from internal salary calculators in collaboration with local payroll partners in each country. The figures include applicable regional legal and economic conditions.
The most take home pay for a €60,000 salary in any Auropean country is Bulgaria, where workers get to keep €51,239.
The most heavily taxed is Iceland, where just €30,525 from a €60,000 salary is given in net pay.
Portugal, often touted as a desirable remote working location, is one of the most heavily taxed countries, with just €33,800 available in net pay from a typical €60,000 salary.
For employers, the most affordable European country is Lithuania, which costs €61,074 for a €60,000 salary. The most expensive for employers is Austria, which costs €88,618 for a €60,000 salary.
Ireland and the UK are both in the top ten lowest employer costs out of the 32 countries surveyed, and are in the top 10 for the most net income to workers from a €60,000 salary.
“The report shows the two English-speaking countries make a lot of financial sense for companies building distributed teams in Europe,” said Dee Coakley, CEO of Boundless.
”The lower employment costs free up a lot of room in the budget. “From an employee perspective, there’s also a financial draw. The higher take-home pay, compared to other European countries, could make a real difference in buying power and lifestyle. While living expenses are higher in the UK and Ireland than some other parts of Europe, the numbers still show some appealing financial perks for workers and businesses when compared to countries such as Portugal, Austria or France.”