Business owners see labor costs rising by about 17 billion euros in 2023
Due to tight labor markets and high inflation, businesses will face sharply rising labor costs in 2023. In 2022, collective bargaining wages already rose 3.2 percent; it was the largest increase since 2008. This year, labor costs are expected to rise by as much as 6.1 percent. For the entire business sector, this will lead to an increase in labor costs of about 17 billion euros, according to calculations by ABN AMRO. Meanwhile, lower consumer purchasing power and rapidly rising interest rates are causing the economy to cool.