Quarterly Market Report - …...• Canada’seconomy unexpectedly shed jobs in November as the...

Quarterly Market ReportQ4 - December 2019

2ManpowerGroup Solutions QMR Q4, 2019

This report is intended to provide an overview of general business information relative to global employment conditions and considerations. It should not be interpreted as legal advice. Please consult with legal counsel to ensure that you are in compliance with all applicable laws.


• Global Workforce Trends

• Regional Highlights

• Detailed Country Level Analysis

• North, South, & Central America

• Europe, Middle East, & Africa

• Asia-Pacific

Table of Contents

4

Global Workforce Trends


Global Hiring Trends

There are 21,217, 328 job openings globally

9%

are

Opera

tions/

Logis

tics J

obs

7%

are

IT

Job

Openin

gs

5%

are

Fin

ance

Job

Openin

gs

4% are Manufacturing

Job Openings

14% are Sales &

Business Development

Job Openings


Global Hiring Trends

There are 21,217, 328 job openings globally 42% are Sales

Candidates don’t have

Bachelor’s Degree

43%

of O

pera

tions/

Logis

tics

Candid

ate

s d

on’t h

ave

dip

lom

as o

r 3+

Years

experien

ce

76%

IT

Candid

ate

s d

on’t

have B

achelo

r's D

egre

e

41%

Fin

ance

Ca

ndid

ate

s d

on’t h

ave

Bachelo

r's D

egre

e

39% are Manufacturing

Candidates don’t have diploma

or 3+ Years experience


Low Unemployment has Decreased Already Limited Candidate Pool

<5%

Unemployment

Results in

Increased

Turnover

<3.5%

Unemployment

Means Your

Candidates Already

Have a Job

>5% Increase

to Turnover

Indicates You

Need to Adjust

Wages &

Incentives

Decline in

Candidates Indicates

Need for

Requirements

Adjustment

Social

Recruiting

Requires You

Monitor Your

Brand in

Addition to

Promoting It


Flexibility in labor law, but these

countries require dedicated programs

More innovative models not restricted

to contingent labor are necessary

Flexible legislation and abundant

workers enable MSP delivery in these

markets – usually leveraged on price

An established partner is required in

these markets to manage labor legislation and

achieve flexibility and efficiency

1 Relative rank calculated based on

active regulations related to contractual

terms, costs or labor and termination,

hiring and firing restrictions, and

enforced consequences

2 Relative rank determined by MSP

awareness, knowledge, and adoption

Source: TAPFIN Total Workforce Index


Global Parity Tracker:

Argentina

Austria

Belgium

Brazil

Bulgaria

China

Croatia

Czech Rep.

Denmark

Estonia

Finland

France

Germany

Greece

Honduras

Hungary

India

Ireland

Italy

Kazakhstan

Korea (South)

Latvia

Luxembourg

Malaysia

Netherlands

Nicaragua

Norway

Peru

Poland

Portugal

Slovakia

Slovenia

South Africa

Spain

Sweden

Taiwan

United Kingdom

Uruguay

Venezuela

Colombia

Croatia

India

Lithuania

Romania

Russia

Switzerland

Turkey

Vietnam

Hong Kong

Japan

Mexico

Australia

Bahrain

Belarus

Bolivia

Chile

Costa Rica

Dominican Rep.

Ecuador

El Salvador

Guatemala

Israel

Macau

Monaco

Morocco

New Zealand

Panama

Paraguay

Philippines

Puerto Rico

Serbia

Singapore

Thailand

Tunisia

UAE

Ukraine

No Parity Required

Just Benefit Parity

Just Pay Parity

Full Pay & Benefit Parity

USA*

USA* Full benefit parity is not required but the Healthcare Reform Bill is moving the USA in this direction

Canada – Provincial Law mandates pay and benefit parity in Ontario, while National Law has baseline of Benefit Parity across all Privinces

Source: TAPFIN Total Workforce Index

Canada*

10

Regional Highlights

11

Strategic Update on Americas

Latin America

• Brazil’s government announced measures and

legislative proposals to create up to 4 million jobs by

2022 and inject tens of billions of reais into the economy

through loans and projected savings for private and

state-run firms. The key action of the jobs program will

create 1.8 million vacancies via a temporary decree that

will exempt firms from paying payroll taxes and cut their

labor costs by between 30% and 34%.

• Chile continues to deal with nationwide protests related

in part to its continuing economic issues. A large part of

Chile’s problem is its rigid labor laws make hiring

expensive. About one-third of the labor force works in

low-paid self-employment or in off-the-books jobs in

small, “informal” firms that stay small to elude regulations

and labor law. As these workers do not receive a

paycheck from which contributions can be deducted,

every worker contributes to Chile’s pension system for

only 20 years on average.

North America

• Canada’s economy unexpectedly shed jobs in November as

the unemployment rate rose to its highest level in more than a

year, marking a significant reversal for a labor market that has

largely been a bright spot in recent years. Canada’s labor

market shed a net 71,200 jobs in November, the biggest

monthly decline since the financial crisis.

• In the United States, more that a quarter of the

population now rely on the gig economy to supplement their

income in some manner and one in 10 rely on it as their

primary source of income. As a result, several states are

working on legislation aimed at providing benefits to

independent contractors. New Jersey, New York, Colorado,

Oregon and Washington are all working on laws to ensure

that these workers receive minimum wage, paid sick leave,

health care, and more.

• As of August 1, 2019, companies doing business in Mexico

can anticipate that unions will move quickly to legitimize

existing collective agreements under a new government-issued

protocol. Among other steps, the process includes a vote by

covered employees to determine whether they approve the

terms of the agreement. Collective agreements must be

legitimized by May 1, 2023 or they will be terminated.

12

Strategic Update on EMEA

Eastern Europe

• Poland is the world’s most popular destination for

temporary labor migrants according to a report

released by the Organisation for Economic

Cooperation and Development (OECD). The report

found that 1.1 million temporary migrants moved to

Poland in 2017, a 32% increase on the 2016 rate, with

the majority of workers coming in from Ukraine.

• An analysis by the Economic and Business Research

Institute has found that a significant number of

Hungarian workers are employed in areas where most

of the tasks could be performed by machines. The

research points out that automation does not lead to

the disappearance of the professions concerned, since

in most jobs only part of the tasks can be automated.

Based on employment data from the National Tax and

Customs Administration of Hungary, it was also

determined that out of 3,743,689 employees, 730,000

are employed professions that could be eliminated.

Western Europe

• European banks have slashed tens of thousands more

jobs in 2019 to address their poor profitability. Hemmed in

by the European Central Bank’s long-term extension of

negative rates, slowing economic growth, Brexit and

burgeoning regulatory requirements, banks in Germany,

UK, France, Spain and Switzerland have collectively

announced more than 60,000 jobs cuts this year.

Headcount of the top ten banks in Europe by market cap,

have fallen by 20% since 2008.

• More than 800,000 people protested across France in

December with an open-ended strike by public sector

workers to show their dissatisfaction with the government’s

plan to update the pension system, which is one of the

most expensive pension systems in the world. President

Emmanuel Macron is pushing for a single, points-based

system that would replace the current 42 different pension

plans that vary according to profession and region. The

proposed system aims to make pensioners contribute the

same amount and give them equal rights.

• More people lost their jobs in the United Kingdom’s

manufacturing sector in November than any other month

for more than 7 years. The pace of job losses hit its

steepest level since September 2012.

13

Strategic Update on APACAsia Pacific • India is overhauling it most controversial labor laws to make it easier to do

business in India. The government will push an industrial relations bill allowing

companies to hire workers on fixed-term contracts of any duration without

changing stringent laws on hiring and firing. The cabinet approved the Industrial

Relations Code bill which empowers the government to change the ceiling on

employee count without government approval. While the current upper threshold

limit of 100 workers has not been changed, the bill allows the government to

amend this number without seeking Parliament’s approval.

• The number of working-age Japanese in the labor force is the highest since the 1960s with the ratio of open jobs per

applicant about to surpass an all-time record reached in 1963. Japan is running out of even moderately skilled labor,

denting productivity and top-line GDP. Its population began contracting in 2010. Since then, it has lost more than 1.4 million people. By 2040, more than a third of Japanese will be over 65, the worst old-to-young ratio in the world.

• The Hong Kong government is warning that six month of mass protests will cause the economy in the Asian financial

hub to shrink this year. A government forecast predicts its economy will contract by 1.3% in 2019, marking the first year

of recession since the global financial crisis a decade ago. Before the protests kicked off, the government predicted

GDP growth this year of between 2% and 3% but in August it downgraded its forecast to annual growth between 0%

and 1%. However the economy slowed more than expected in the third quarter pushing Hong Kong recession.

• China's manufacturing sector jumped unexpectedly in November, signaling a recovery in activity amid government

support and a stabilizing global economy. The official manufacturing purchasing managers’ index rose to 50.2,

according to data released by the National Bureau of Statistics. This was the first reading above 50 since April,

indicating an expansion in output. The non-manufacturing gauge was 54.4, the highest since March. Economists

warned that it is unwise to read too much into a single month’s reading as large jumps in activity are not unusual

following China’s week-long holidays, such as the Chinese New Year and in October.

14

Detailed Country Analysis

North, South, & Central America


24%

61%

15%

Highly Skilled

Medium Skilled

Non Skilled

Skill Level of Workforce

Argentina Agriculture <1% Services 76% Industry 23%

Total Workforce 20,360,197

Permanent Employees 13,687,916

Non Standard Workforce 4,514,100

Unemployed Workers 2,158,181

Workforce

33% of Non-Agricultural Employment is in Informal Sector

Regional:

14

Availability:

4

Cost:

16

Regulation:

17

Productivity:

14

Global:

65

Availability:

49

Cost:

43

Regulation:

67

Productivity:

61

$0.41$0.93

$1.59

$0

$5

$10

2015 2017 2019

Argentina Minimum Wage 2019 USD

Year on Year Argentina

Wage Inflation Rate (Sep) 2.63%

Inflation Rate (Sep) 50.5%

GDP Growth (IMF Oct) --3.1%7.2% 7.1% 7.3% 7.6% 8.0% 8.3%

9.5%10.6%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Argentina Regional Average

Economic Climate

Inflation and GDPUnemployment Rate over Time

2019 Global TWI Ranking (out of 76) 2019 Regional TWI Ranking (out of 21)

Manpower 2019 Total Workforce Index

Minimum Wage Over Time (2019 USD Constant Currency)

Key Sources:

https://tradingeconomics.com/

https://data.worldbank.org/

https://www.imf.org/

https://ilostat.ilo.org/

http://www.salaryexplorer.com/

https://wageindicator.org/

▪ Recent increases in the minimum wage due to hyper inflation and devaluation of

the currency.

Unemployment rates from 2012 to 2018 are the average yearly rate

as reported by the World Bank. The 2019 figure may not be directly

comparable as it is not an average and is from in-country sources.


Bolivia Agriculture 27% Services 51% Industry 22%





Unemployed Workers 170,958

Workforce

Regional:

19

Availability:

16

Cost:

9

Regulation:

20

Productivity:

17

Global:

74

Availability:

69

Cost:

24

Regulation:

75

Productivity:

67

Year on Year Bolivia

Wage Inflation Rate 3%

Inflation Rate (Oct) 2.26%

GDP Growth (IMF Oct) 3.9%

13%

62%

25%

Highly Skilled

Medium Skilled

Non Skilled


2.0% 2.4% 2.0%3.1% 3.1% 3.2% 3.3% 3.3%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Bolivia Regional Average

$1.09$1.65 $1.75

$0

$5

$10

2015 2017 2019

Bolivia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Brazil Agriculture 10% Services 69% Industry 21%

Workforce





Unemployed Workers 12,546,782 Regional:

16

Availability:

7

Cost:

12

Regulation:

18

Productivity:

19

Global:

68

Availability:

54

Cost:

29

Regulation:

70

Productivity:

71

Year on Year Brazil




22%

62%

16%

Highly Skilled

Medium Skilled

Non Skilled


7.2% 7.0% 6.7%

8.4%

11.6%12.8% 12.5%

11.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Brazil Regional Average

$1.05$1.25 $1.33

$0

$5

$10

2015 2017 2019

Brazil Minimum Wage 2019 USD

Economic Climate





Key Sources:











Canada Agriculture 2% Services 78% Industry 20%

Workforce

9% of Total Employment is vulnerable.





2

Availability:

1

Cost:

17

Regulation:

1

Productivity:

2

Global:

6

Availability:

7

Cost:

48

Regulation:

13

Productivity:

5

Year on Year Canada

Wage Inflation Rate (Sep) 4%



44%

48%

8%

Highly Skilled

Medium Skilled

Non Skilled


7.3% 7.1% 6.9% 6.9% 7.0%6.3%

5.9% 5.5%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Canada Regional Average

$8.28

$9.41$9.98

$0

$5

$10

$15

2015 2017 2019

Canada Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies based on province.Unemployment rates from 2012 to 2018 are the average yearly rate




Chile Agriculture 10% Services 68% Industry 23%

Workforce





Unemployed Workers 635,379 Regional:

3

Availability:

6

Cost:

2

Regulation:

14

Productivity:

3

Global:

25

Availability:

52

Cost:

6

Regulation:

63

Productivity:

13

Year on Year Chile


Inflation Rate (Nov) 2.7%


26%

51%

23%

Highly Skilled

Medium Skilled

Non Skilled


6.7% 6.2% 6.7% 6.5% 6.7% 7.0% 7.2% 7.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Chile Regional Average

$1.41$1.69 $1.89

$0

$5

$10

2015 2017 2019

Chile Minimum Wage 2019 USD

Economic Climate





Key Sources:











Colombia Agriculture 16% Services 65% Industry 19%

Workforce






9

Availability:

13

Cost:

4

Regulation:

9

Productivity:

11

Global:

50

Availability:

65

Cost:

12

Regulation:

41

Productivity:

51

Year on Year Colombia



GDP Growth ((IMF Oct) 3.4%

19%

66%

15%

Highly Skilled

Medium Skilled

Non Skilled


9.7%9.1% 8.6% 8.3% 8.7% 8.9% 9.1%

10.2%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Colombia Regional Average

$0.99$1.13

$1.38

$0

$5

$10

2015 2017 2019

Colombia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Costa Rica Agriculture 12% Services 69% Industry 19%

Workforce




Non Standard Workforce 449,467


10

Availability:

5

Cost:

14

Regulation:

16

Productivity:

8

Global:

52

Availability:

50

Cost:

31

Regulation:

66

Productivity:

32

Year on Year Costa Rica



GDP Growth (IMF Oct) 2%

23%

51%

26%

Highly Skilled

Medium Skilled

Non Skilled


9.8%8.8% 9.1% 9.0% 8.6% 8.1% 8.1%

11.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Costa Rica Regional Average

$2.06$2.35 $2.69

$0

$5

$10

2015 2017 2019

Costa Rica Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by occupation. This wage is for a semi skilled worker.Unemployment rates from 2012 to 2018 are the average yearly rate




Dominican Republic Agriculture 13% Services 70% Industry 17%

Workforce






7

Availability:

15

Cost:

3

Regulation:

6

Productivity:

9

Global:

43

Availability:

68

Cost:

9

Regulation:

30

Productivity:

43

Year on Year Dominican Rep.




19%

57%

24%

Highly Skilled

Medium Skilled

Non Skilled


6.7% 7.4% 6.7%7.6% 7.3%

5.8% 5.8% 6.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Dominican Republic Regional Average

$0.90$1.28

$1.66

$0

$5

$10

2015 2017 2019

Dominican Rep. Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wages vary by size of company and occupation.Unemployment rates from 2012 to 2018 are the average yearly rate




Ecuador Agriculture 27% Services 55% Industry 19%

Workforce






11

Availability:

11

Cost:

6

Regulation:

10

Productivity:

12

Global:

53

Availability:

63

Cost:

18

Regulation:

43

Productivity:

56

Year on Year Ecuador



GDP Growth (IMF Oct) -0.5%

15%

62%

23%

Highly Skilled

Medium Skilled

Non Skilled


3.2% 3.1% 3.5% 3.6%4.6%

3.8% 3.9%

5.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Ecuador Regional Average

$2.38 $2.47 $2.65

$0

$5

$10

2015 2017 2019

Ecuador Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wages vary by industry sector.Unemployment rates from 2012 to 2018 are the average yearly rate




El Salvador Agriculture 19% Services 60% Industry 21%

Workforce






13

Availability:

18

Cost:

13

Regulation:

8

Productivity:

10

Global:

61

Availability:

72

Cost:

30

Regulation:

34

Productivity:

46

Year on Year El Salvador


Inflation Rate (Nov) -0.58%


13%

59%

28%Highly Skilled

Medium Skilled

Non Skilled


3.8% 3.7% 4.2% 4.0% 4.4% 4.4% 4.4%

6.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

El Salvador Regional Average

$1.27$1.57 $1.71

$0

$5

$10

2015 2017 2019

El Salvador Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wages vary by occupation. This is the rate for an industry/commerce

worker.





Guatemala Agriculture 29% Services 50% Industry 21%

Workforce






17

Availability:

21

Cost:

1

Regulation:

7

Productivity:

20

Global:

72

Availability:

76

Cost:

5

Regulation:

33

Productivity:

75

Year on Year Guatemala




10%

70%

20%

Highly Skilled

Medium Skilled

Non Skilled


2.8% 3.0% 2.7% 2.5% 2.8% 2.7% 2.7%2.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Guatemala Regional Average

$1.66$1.97

$2.18

$0

$5

$10

2015 2017 2019

Guatemala Minimum Wage 2019 USD

Economic Climate





Key Sources:











Honduras Agriculture 29% Services 50% Industry 21%

Workforce






20

Availability:

20

Cost:

10

Regulation:

19

Productivity:

18

Global:

75

Availability:

75

Cost:

26

Regulation:

74

Productivity:

69

Year on Year Honduras




12%

63%

25%

Highly Skilled

Medium Skilled

Non Skilled


3.8% 4.1%5.5%

4.6% 4.7% 4.0% 4.1%

5.7%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Honduras Regional Average

$1.19$1.68

$2.22

$0

$5

$10

2015 2017 2019

Honduras Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by both the industry and the size of the firm. This rate is

the larger size, manufacturing firm.





Mexico Agriculture 13% Services 61% Industry 26%

Workforce






5

Availability:

9

Cost:

8

Regulation:

11

Productivity:

4

Global:

34

Availability:

59

Cost:

23

Regulation:

46

Productivity:

20

Year on Year Mexico




19%

57%

24%

Highly Skilled

Medium Skilled

Non Skilled


4.9% 4.9% 4.8% 4.3% 3.9% 3.4% 3.3% 3.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2109

Mexico Regional Average

$0.45 $0.51 $0.83

$0

$5

$10

2015 2017 2019

Mexico Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by job title – this rate is for a general worker. Border areas

also have higher minimum wages.





Nicaragua Agriculture 29% Services 53% Industry 18%

Workforce






18

Availability:

19

Cost:

18

Regulation:

5

Productivity:

16

Global:

73

Availability:

73

Cost:

49

Regulation:

24

Productivity:

66

Year on Year Nicaragua


Inflation Rate (Aug) 6.13%

GDP Growth (IMF Oct) -5%

18%

51%

31%Highly Skilled

Medium Skilled

Non Skilled


5.2% 5.3%4.5% 4.4% 4.3% 4.2% 4.5%

5.2%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Nicaragua Regional Average

$0.57$0.72

$0.87

$0

$5

$10

2015 2017 2019

Nicaragua Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by sector. This is the manufacturing minimum wage.Unemployment rates from 2012 to 2018 are the average yearly rate




Panama Agriculture 15% Services 67% Industry 18%

Workforce






12

Availability:

10

Cost:

5

Regulation:

15

Productivity:

13

Global:

59

Availability:

61

Cost:

15

Regulation:

65

Productivity:

58

Year on Year Panama


Inflation Rate (Oct) -0.7%


26%

54%

20%

Highly Skilled

Medium Skilled

Non Skilled


2.4% 2.3% 2.7% 3.0% 3.3% 3.9% 3.9%

6.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Panama Regional Average

$2.50 $2.56$3.09

$0

$5

$10

2015 2017 2019

Panama Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by sector, size of the company and region. This rate is for

a large manufacturing industry in Region 1.





Paraguay Agriculture 21% Services 59% Industry 19%

Workforce






15

Availability:

17

Cost:

7

Regulation:

13

Productivity:

15

Global:

67

Availability:

70

Cost:

20

Regulation:

58

Productivity:

65

Year on Year Paraguay




20%

61%

19%

Highly Skilled

Medium Skilled

Non Skilled


4.1% 4.4%5.0% 4.6%

5.3% 4.6% 4.7%

7.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Paraguay Regional Average

$1.36$1.52

$1.77

$0

$5

$10

2015 2017 2019

Paraguay Minimum Wage 2019 USD

Economic Climate





Key Sources:











Peru Agriculture 28% Services 56% Industry 16%

Workforce






8

Availability:

12

Cost:

11

Regulation:

12

Productivity:

5

Global:

45

Availability:

64

Cost:

27

Regulation:

47

Productivity:

25

Year on Year Peru




16%

52%

32%Highly Skilled

Medium Skilled

Non Skilled


3.1% 3.2% 3.0% 3.0% 3.5% 3.5% 2.8%

6.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Peru Regional Average

$1.07$1.45

$1.54$0

$5

$10

2015 2017 2019

Peru Minimum Wage 2019 USD

Economic Climate





Key Sources:











Puerto Rico Agriculture 3% Services 80% Industry 17%

Workforce



Permanent Employees 732,580



4

Availability:

3

Cost:

19

Regulation:

4

Productivity:

7

Global:

32

Availability:

45

Cost:

50

Regulation:

22

Productivity:

28

Year on Year Puerto Rico


Inflation Rate (Oct) 0%


31%

64%

5%

Highly Skilled

Medium Skilled

Non Skilled


14.5% 14.3% 13.9%

12.0% 11.8%10.8%

11.4%

8.2%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Puerto Rico Regional Average

$7.25 $7.25 $7.25

$0

$5

$10

2015 2017 2019

Puerto Rico Minimum Wage 2019 USD

Economic Climate





Key Sources:











United States Agriculture 2% Services 79% Industry 19%

Workforce






1

Availability:

2

Cost:

15

Regulation:

3

Productivity:

1

Global:

5

Availability:

12

Cost:

36

Regulation:

19

Productivity:

4

Year on Year United States

Wage Inflation Rate (Oct) 4.89%



43%

45%

12%

Highly Skilled

Medium Skilled

Non Skilled


8.1% 7.4%

6.2%5.3% 4.9% 4.4% 3.9% 3.6%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

United States Regional Average

$7.25 $7.25 $7.25

$0

$5

$10

2015 2017 2019

United States Minimum Wage 2019 USD

▪ Other states and metropolitan areas have higher minimum wages.

Economic Climate





Key Sources:











Uruguay Agriculture 8% Services 72% Industry 20%

Workforce






6

Availability:

8

Cost:

20

Regulation:

2

Productivity:

6

Global:

36

Availability:

57

Cost:

60

Regulation:

16

Productivity:

27

Year on Year Uruguay




22%

59%

19%

Highly Skilled

Medium Skilled

Non Skilled


6.5% 6.4% 6.5%7.5% 7.8% 7.9% 8.0%

9.5%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Uruguay Regional Average

$1.32$1.70

$2.08

$0

$5

$10

2015 2017 2019

Uruguay Minimum Wage 2019 USD

Economic Climate





Key Sources:











Venezuela Agriculture 10% Services 67% Industry 23%

Workforce






21

Availability:

14

Cost:

21

Regulation:

21

Productivity:

21

Global:

76

Availability:

66

Cost:

76

Regulation:

76

Productivity:

76

Year on Year Venezuela


Inflation Rate (Sep) 39,114%

GDP Growth (IMF Oct) -35%

17%

58%

25%

Highly Skilled

Medium Skilled

Non Skilled


6.6%7.5% 6.9% 6.8% 7.5% 7.4%

8.4%9.1%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Venezuela, RB Regional Average

Economic Climate




Minimum Wage Venezuela

Key Sources:










▪ Due to hyperinflation in Venezuela, the minimum wage was increased in October

2019 for the third time this year. The latest increase was 275% on the monthly

minimum wage.

▪ In December 2014, the minimum wage was increased to 4,889 Bolivars per

month. With the latest minimum wage hike, it is now 150,000 Bolivars per month

(excluding the food bonus). The new minimum wage is more than 30 times

greater than the wage in January 2015.

36


Europe, Middle East and Africa


Austria Agriculture 4% Services 70% Industry 26%

Workforce





Unemployed Workers 318,171 Global:

30

Availability:

15

Cost:

72

Regulation:

5

Productivity:

48

Regional:

17

Availability:

10

Cost:

37

Regulation:

2

Productivity:

25

Year on Year Austria




41%

51%

8%

Highly Skilled

Medium Skilled

Non Skilled


4.9% 5.3% 5.6% 5.7% 6.0% 5.5%4.8%

7.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Austria Regional Average

$9.21 $9.21

$9.53

$5

$10

2015 2017 2019

Austria Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies a slightly by industry sector.Unemployment rates from 2012 to 2018 are the average yearly rate




Bahrain Agriculture 1% Services 64% Industry 35%

Workforce


Total Workforce 977,302




18

Availability:

11

Cost:

8

Regulation:

68

Productivity:

38

Regional:

7

Availability:

7

Cost:

3

Regulation:

37

Productivity:

18

Year on Year Bahrain




25%

51%

24%

Highly Skilled

Medium Skilled

Non Skilled


1.2% 1.2% 1.1% 1.1% 1.0% 0.9% 1.0%

3.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Bahrain Regional Average

$4.19 $4.19 $4.19

$0

$5

$10

2015 2017 2019

Bahrain Minimum Wage 2019 USD

▪ In Bahrain the minimum wage only applies to Bahraini nationals in the public

sector.

Economic Climate





Key Sources:











Belarus Agriculture 10% Services 59% Industry 31%

Workforce






27

Availability:

30

Cost:

9

Regulation:

30

Productivity:

30

Global:

46

Availability:

38

Cost:

28

Regulation:

52

Productivity:

54

Year on Year Belarus

Wage Inflation Rate (Aug) 13.2%

Inflation Rate (Nov) 5%


40%

52%

8%

Highly Skilled

Medium Skilled

Non Skilled


6.0% 5.9% 5.9% 5.9% 5.8% 5.7% 5.7%0.3%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Belarus Regional Average

$0.58$0.73

$0.91

$0

$5

$10

2015 2017 2019

Belarus Minimum Wage 2019 USD

Economic Climate





Key Sources:











Belgium Agriculture 1% Services 78% Industry 21%

Workforce






32

Availability:

13

Cost:

36

Regulation:

9

Productivity:

35

Global:

54

Availability:

18

Cost:

71

Regulation:

17

Productivity:

64

Year on Year Belgium

Wage Inflation Rate (Jun) 3.1%



47%

43%

10%

Highly Skilled

Medium Skilled

Non Skilled


7.5%8.4% 8.5% 8.5%

7.8%7.1%

6.3%5.6%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Belgium Regional Average

$10.04$10.45 $10.66

$0

$5

$10

$15

2015 2017 2019

Belgium Minimum Wage 2019 USD

Economic Climate





Key Sources:











Bulgaria Agriculture 6% Services 65% Industry 29%

Workforce






29

Availability:

29

Cost:

7

Regulation:

32

Productivity:

36

Global:

48

Availability:

35

Cost:

17

Regulation:

56

Productivity:

68

Year on Year Bulgaria




33%

56%

11%

Highly Skilled

Medium Skilled

Non Skilled


12.3% 12.9%11.4%

9.1%7.6%

6.2%5.3% 5.3%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Bulgaria Regional Average

$1.24$1.47 $1.90

$0

$5

$10

2015 2017 2019

Bulgaria Minimum Wage 2019 USD

Economic Climate





Key Sources:











Croatia Agriculture 8% Services 65% Industry 27%

Workforce






12

Availability:

21

Cost:

5

Regulation:

8

Productivity:

40

Global:

24

Availability:

27

Cost:

14

Regulation:

14

Productivity:

74

Year on Year Croatia




37%

56%

7%

Highly Skilled

Medium Skilled

Non Skilled


15.9%17.3% 17.3%

16.2%

13.1%

11.2%8.9%

6.7%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Croatia Regional Average

$2.59$2.80

$3.20

$0

$5

$10

2015 2017 2019

Croatia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Czech Republic Agriculture 3% Services 59% Industry 38%

Workforce






11

Availability:

26

Cost:

12

Regulation:

11

Productivity:

14

Global:

23

Availability:

32

Cost:

34

Regulation:

21

Productivity:

34

Year on Year Czech Republic

Wage Inflation Rate (Sep) 4%



39%

55%

6%

Highly Skilled

Medium Skilled

Non Skilled


7.0% 7.0%6.1%

5.0%4.0%

2.9% 2.4% 2.6%0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Czech Republic Regional Average

$2.37$2.84

$3.44

$0

$5

$10

2015 2017 2019

Czech Republic Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by occupation. This is for Group 1 – Ancillary, repetitive

work.





Denmark Agriculture 3% Services 79% Industry 19%

Workforce






5

Availability:

5

Cost:

34

Regulation:

1

Productivity:

15

Global:

13

Availability:

9

Cost:

69

Regulation:

2

Productivity:

35

Year on Year Denmark




46%

44%

10%

Highly Skilled

Medium Skilled

Non Skilled


7.5% 7.0% 6.6% 6.2% 6.2% 5.7%5.0%

3.7%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Denmark Regional Average

$16.19 $16.19$17.61

$0

$10

$20

2015 2017 2019

Denmark Minimum Wage 2019 USD

▪ Denmark doesn’t have a set minimum wage but wages are determined by

collective bargaining. This is the average collective bargaining rate.

Economic Climate





Key Sources:











Estonia Agriculture 4% Services 66% Industry 30%

Workforce






3

Availability:

15

Cost:

15

Regulation:

5

Productivity:

17

Global:

8

Availability:

21

Cost:

38

Regulation:

8

Productivity:

37

Year on Year Estonia




45%

47%

8%

Highly Skilled

Medium Skilled

Non Skilled


10.0%8.6%

7.4%6.2% 6.8%

5.8% 5.5%

3.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Estonia Regional Average

$2.57$2.94

$3.52

$0

$5

$10

2015 2017 2019

Estonia Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Higher rate of minimum wage for teachers.Unemployment rates from 2012 to 2018 are the average yearly rate




Finland Agriculture 4% Services 74% Industry 22%

Workforce






22

Availability:

12

Cost:

35

Regulation:

10

Productivity:

20

Global:

39

Availability:

17

Cost:

70

Regulation:

20

Productivity:

40

Year on Year Finland




46%

48%

6%

Highly Skilled

Medium Skilled

Non Skilled


7.7% 8.2% 8.7%

9.4%8.8%

8.6%7.8%

5.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Finland Regional Average

$9.47$9.70 $9.90

$0

$5

$10

$15

2015 2017 2019

Finland Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wages are based on sector and collective bargaining. Unemployment rates from 2012 to 2018 are the average yearly rate




France Agriculture 3% Services 77% Industry 20%

Workforce






39

Availability:

19

Cost:

33

Regulation:

33

Productivity:

38

Global:

70

Availability:

25

Cost:

68

Regulation:

57

Productivity:

72

Year on Year France




45%

45%

10%

Highly Skilled

Medium Skilled

Non Skilled


9.4% 9.9% 10.3% 10.4% 10.1%9.4% 9.2% 8.6%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

France Regional Average

$10.57$10.74 $11.03

$0

$5

$10

$15

2015 2017 2019

France Minimum Wage 2019 USD

Economic Climate





Key Sources:











Germany Agriculture 1% Services 71% Industry 28%

Workforce






28

Availability:

14

Cost:

31

Regulation:

28

Productivity:

10

Global:

47

Availability:

19

Cost:

65

Regulation:

49

Productivity:

24

Year on Year Germany




45%

47%

8%

Highly Skilled

Medium Skilled

Non Skilled


5.4% 5.2% 5.0% 4.6% 4.1% 3.7% 3.4% 3.1%0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Germany Regional Average

$9.35$9.72 $10.11

$0

$5

$10

$15

2015 2017 2019

Germany Minimum Wage 2019 USD

Economic Climate





Key Sources:











Greece Agriculture 12% Services 73% Industry 15%

Workforce






30

Availability:

27

Cost:

25

Regulation:

17

Productivity:

31

Global:

49

Availability:

33

Cost:

53

Regulation:

29

Productivity:

55

Year on Year Greece




32%

61%

7%

Highly Skilled

Medium Skilled

Non Skilled


24.4%

27.5%26.5%

24.9%23.5%

21.5%19.2%

16.7%

0%

10%

20%

30%

2012 2013 2014 2015 2016 2017 2018 2019

Greece Regional Average

$4.34$4.65 $4.82

$0

$5

$10

2015 2017 2019

Greece Minimum Wage 2019 USD

Economic Climate





Key Sources:











Hungary Agriculture 5% Services 65% Industry 30 %

Workforce






25

Availability:

31

Cost:

19

Regulation:

15

Productivity:

32

Global:

42

Availability:

39

Cost:

44

Regulation:

27

Productivity:

57

Year on Year Hungary




37%

53%

10%

Highly Skilled

Medium Skilled

Non Skilled


11.0%

10.2%

7.7%6.8%

5.1%4.2% 3.7% 3.5%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Hungary Regional Average

$1.98$2.37 $2.77

$0

$5

$10

2015 2017 2019

Hungary Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ There are higher minimum wages for professionals.Unemployment rates from 2012 to 2018 are the average yearly rate




Ireland Agriculture 5% Services 75% Industry 19%

Workforce






2

Availability:

1

Cost:

23

Regulation:

4

Productivity:

8

Global:

7

Availability:

2

Cost:

51

Regulation:

7

Productivity:

21

Year on Year Ireland




40%

51%

9%

Highly Skilled

Medium Skilled

Non Skilled


15.5%

13.7%

11.9%

9.9%8.4%

6.7%5.7%

4.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Ireland Regional Average

$9.51$10.17 $10.78

$0

$5

$10

$15

2015 2017 2019

Ireland Minimum Wage 2019 USD

Economic Climate





Key Sources:











Israel Agriculture 1% Services 82% Industry 17%

Workforce






4

Availability:

16

Cost:

24

Regulation:

14

Productivity:

1

Global:

9

Availability:

22

Cost:

52

Regulation:

26

Productivity:

3

Year on Year Israel




52%

42%

6%

Highly Skilled

Medium Skilled

Non Skilled


6.9%6.2% 5.9% 5.3% 4.8% 4.2% 4.0% 3.7%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Israel Regional Average

$6.66

$7.75$8.39

$0

$5

$10

2015 2017 2019

Israel Minimum Wage 2019 USD

Economic Climate





Key Sources:







https://www.boi.org.il/





Italy Agriculture 4% Services 70% Industry 26%

Workforce






36

Availability:

24

Cost:

32

Regulation:

35

Productivity:

21

Global:

64

Availability:

30

Cost:

67

Regulation:

60

Productivity:

41

Year on Year Italy




36%

53%

11%

Highly Skilled

Medium Skilled

Non Skilled


10.7%12.1% 12.7%

11.9% 11.7% 11.2%10.2% 9.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Italy Regional Average

$9.10 $9.11$9.26

$5

$10

2015 2017 2019

Kazakhstan Minimum Wage 2019 USD

▪ No minimum wage as it is set by Collective Bargaining.

▪ Note that this is the wage for the level 2 (of 8) metal workers.

Economic Climate





Key Sources:











Kazakhstan Agriculture 18% Services 61% Industry 21 %

Workforce

33% of Total Employment is Informal.





24

Availability:

37

Cost:

6

Regulation:

13

Productivity:

34

Global:

41

Availability:

53

Cost:

16

Regulation:

25

Productivity:

63

Year on Year Kazakhstan

Wage Inflation Rate 25



34%

47%

19%

Highly Skilled

Medium Skilled

Non Skilled


5.3% 5.2% 5.1% 4.9% 5.0% 4.9% 4.9% 4.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Kazakhstan Regional Average

$0.32 $0.37 $0.63

$0

$5

$10

2015 2017 2019

Kazakhstan Minimum Wage 2019 USD

Economic Climate





Key Sources:











Latvia Agriculture 8% Services 68% Industry 24%

Workforce






10

Availability:

17

Cost:

10

Regulation:

18

Productivity:

11

Global:

21

Availability:

23

Cost:

32

Regulation:

31

Productivity:

29

Year on Year Latvia




41%

46%

13%

Highly Skilled

Medium Skilled

Non Skilled


15.0%

11.9%10.8%

9.9% 9.6%8.7%

7.9%

6.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Latvia Regional Average

$2.38 $2.38 $2.73

$0

$5

$10

2015 2017 2019

Latvia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Lithuania Agriculture 8% Services 68% Industry 24%

Workforce






33

Availability:

24

Cost:

46

Regulation:

32

Productivity:

50

Regional:

18

Availability:

18

Cost:

21

Regulation:

19

Productivity:

27

Year on Year Lithuania




43%

48%

9%

Highly Skilled

Medium Skilled

Non Skilled


13.4%

11.8%

10.7%

9.1%7.9%

7.1%6.0%

7.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Lithuania Regional Average

$2.00$2.38

$3.52

$0

$5

$10

2015 2017 2019

Lithuania Minimum Wage 2019 USD

Economic Climate





Key Sources:











Luxembourg Agriculture 1% Services 87% Industry 12%

Workforce






33

Availability:

9

Cost:

39

Regulation:

26

Productivity:

9

Global:

55

Availability:

14

Cost:

74

Regulation:

45

Productivity:

23

Year on Year Luxembourg




64%

30%

6%

Highly Skilled

Medium Skilled

Non Skilled


5.1%5.8% 5.9%

6.7% 6.3%5.5% 5.5% 5.3%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Luxembourg Regional Average

$12.27$12.50 $13.29

$0

$5

$10

$15

$20

2015 2017 2019

Luxembourg Minimum Wage 2019…

Economic Climate





Key Sources:







▪ Minimum wage varies by skill level.Unemployment rates from 2012 to 2018 are the average yearly rate




Morocco Agriculture 38% Services 43% Industry 20%

Workforce






34

Availability:

39

Cost:

1

Regulation:

39

Productivity:

16

Global:

58

Availability:

71

Cost:

3

Regulation:

71

Productivity:

36

Year on Year Morocco




8%

76%

16%

Highly Skilled

Medium Skilled

Non Skilled


9.0%9.2%

9.7% 9.5% 9.3% 9.1% 9.0% 9.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Morocco Regional Average

$1.39 $1.39 $1.46

$0

$5

$10

2015 2017 2019

Morocco Minimum Wage 2019 USD

Economic Climate





Key Sources:











Netherlands Agriculture 2% Services 81% Industry 17%

Workforce






8

Availability:

6

Cost:

29

Regulation:

25

Productivity:

2

Global:

19

Availability:

10

Cost:

62

Regulation:

44

Productivity:

6

Year on Year Netherlands

Wage Inflation Rate (Nov) 2.67%



48%

43%

9%

Highly Skilled

Medium Skilled

Non Skilled


5.8%7.2% 7.4% 6.9%

6.0%4.8%

3.9% 3.5%0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Netherlands Regional Average

$9.53$9.93

$10.93

$0

$5

$10

$15

2015 2017 2019

Netherlands Minimum Wage 2019…

Economic Climate





Key Sources:











Norway Agriculture 2% Services 79% Industry 19%

Workforce






15

Availability:

2

Cost:

38

Regulation:

12

Productivity:

7

Global:

28

Availability:

3

Cost:

73

Regulation:

23

Productivity:

19

Year on Year Norway




51%

45%

4%

Highly Skilled

Medium Skilled

Non Skilled


3.1% 3.4% 3.5%4.3% 4.7% 4.2% 3.9% 3.7%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Norway Regional Average

$17.90

$20.25

$21.45

$0

$5

$10

$15

$20

$25

2015 2017 2019

Norway Minimum Wage 2019 USD

▪ Minimum wages have been introduced by sector through collective agreements

in Norway. This rate is the minimum wage for unskilled construction workers with

a year of experience.

Economic Climate





Key Sources:











Poland Agriculture 11% Services 58% Industry 31%

Workforce






31

Availability:

22

Cost:

27

Regulation:

27

Productivity:

24

Global:

51

Availability:

28

Cost:

57

Regulation:

48

Productivity:

47

Year on Year Poland




39%

54%

7%

Highly Skilled

Medium Skilled

Non Skilled


10.1% 10.3%9.0%

7.5%6.2%

4.9%3.7%

5.1%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Poland Regional Average

$2.58$2.95

$3.75

$0

$5

$10

2015 2017 2019

Poland Minimum Wage 2019 USD

Economic Climate





Key Sources:











Portugal Agriculture 7% Services 68% Industry 25%

Workforce






14

Availability:

25

Cost:

18

Regulation:

21

Productivity:

12

Global:

27

Availability:

31

Cost:

42

Regulation:

36

Productivity:

30

Year on Year Portugal




36%

53%

11%

Highly Skilled

Medium Skilled

Non Skilled


15.5%16.2%

13.9%12.4%

11.1%

8.9%

6.9%

6.1%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Portugal Regional Average

$3.74$3.92

$4.45

$0

$5

$10

2015 2017 2019

Portugal Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Different minimum wages exist for the Azores and Mederia regions.Unemployment rates from 2012 to 2018 are the average yearly rate




Romania Agriculture 23% Services 48% Industry 29%

Workforce






20

Availability:

28

Cost:

17

Regulation:

16

Productivity:

29

Global:

37

Availability:

34

Cost:

41

Regulation:

28

Productivity:

53

Year on Year Romania

Wage Inflation Rate (Aug) 12%



25%

65%

10%

Highly Skilled

Medium Skilled

Non Skilled


6.8% 7.1% 6.8% 6.8%5.9%

4.9% 4.3% 3.9%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Romania Regional Average

$1.34$1.92

$2.83

$0

$5

$10

2015 2017 2019

Romania Minimum Wage 2019 USD

Economic Climate





Key Sources:











Russia Agriculture 7% Services 66% Industry 27%

Workforce






40

Availability:

35

Cost:

13

Regulation:

40

Productivity:

33

Global:

71

Availability:

47

Cost:

35

Regulation:

73

Productivity:

62

Year on Year Russia




44%

46%

10%

Highly Skilled

Medium Skilled

Non Skilled


5.4% 5.5% 5.2% 5.6% 5.6% 5.2% 4.7% 4.5%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Russia Regional Average

$0.54$0.70 $1.02

$0

$5

$10

2015 2017 2019

Russia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Serbia Agriculture 19% Services 57% Industry 24%

Workforce






19

Availability:

33

Cost:

4

Regulation:

34

Productivity:

22

Global:

35

Availability:

41

Cost:

11

Regulation:

59

Productivity:

44

Year on Year Serbia


Inflation Rate (Oct) 1%


29%

62%

9%

Highly Skilled

Medium Skilled

Non Skilled


24.0%22.2%

19.2%17.9%

15.3%13.5% 13.5%

10.3%

0%

10%

20%

30%

2012 2013 2014 2015 2016 2017 2018 2019

Serbia Regional Average

$1.13$1.64 $1.95

$0

$5

$10

2015 2017 2019

Serbia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Slovakia Agriculture 3% Services 61% Industry 36%

Workforce






26

Availability:

32

Cost:

11

Regulation:

29

Productivity:

23

Global:

44

Availability:

40

Cost:

33

Regulation:

50

Productivity:

45

Year on Year Slovakia




34%

58%

8%

Highly Skilled

Medium Skilled

Non Skilled


14.0% 14.2%13.2%

11.5%

9.7%8.1%

6.8%

5.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Slovakia Regional Average

$2.40$2.72

$3.29

$0

$5

$10

2015 2017 2019

Slovakia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Slovenia Agriculture 5% Services 62% Industry 33%

Workforce






23

Availability:

8

Cost:

26

Regulation:

31

Productivity:

26

Global:

40

Availability:

13

Cost:

54

Regulation:

54

Productivity:

49

Year on Year Slovenia




44%

47%

9%

Highly Skilled

Medium Skilled

Non Skilled


8.8%10.1% 9.7%

9.0%8.0%

6.6%5.5%

7.4%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Slovenia Regional Average

$5.02 $5.03$5.63

$0

$5

$10

2015 2017 2019

Slovenia Minimum Wage 2019 USD

Economic Climate





Key Sources:











South Africa Agriculture 6% Services 71% Industry 23

Workforce






21

Availability:

34

Cost:

14

Regulation:

20

Productivity:

19

Global:

38

Availability:

43

Cost:

37

Regulation:

35

Productivity:

39

Year on Year South Africa




25%

50%

25%

Highly Skilled

Medium Skilled

Non Skilled


24.7% 24.6% 24.9% 25.2%26.6% 27.3% 27.0%

29.1%

0%

15%

30%

2012 2013 2014 2015 2016 2017 2018 2019

South Africa Regional Average

$0.94 $1.03 $1.36

$0

$5

$10

2015 2017 2019

South Africa Minimum Wage 2019…

▪ Minimum wages are based on sector and region. 2015 and 2017 rates recorded

were for general employees. In 2019, a national minimum wage was introduced

for all workers. Higher job and task grade specific wages still apply.

Economic Climate





Key Sources:











Spain Agriculture 4% Services 77% Industry 19%

Workforce






16

Availability:

20

Cost:

20

Regulation:

24

Productivity:

13

Global:

29

Availability:

26

Cost:

45

Regulation:

40

Productivity:

33

Year on Year Spain




34%

53%

13%

Highly Skilled

Medium Skilled

Non Skilled


24.8%26.1%

24.4%22.1%

19.6%17.2%

15.5%13.9%

0%

10%

20%

30%

2012 2013 2014 2015 2016 2017 2018 2019

Spain Regional Average

$4.81$5.24

$5.86

$0

$5

$10

2015 2017 2019

Spain Minimum Wage 2019 USD

Economic Climate





Key Sources:











Sweden Agriculture 2% Services 80% Industry 18%

Workforce






9

Availability:

4

Cost:

28

Regulation:

22

Productivity:

6

Global:

20

Availability:

6

Cost:

61

Regulation:

38

Productivity:

18

Year on Year Sweden




50%45%

5%

Highly Skilled

Medium Skilled

Non Skilled


8.0% 8.1% 8.0% 7.4% 7.0% 6.7% 6.4% 6.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Sweden Regional Average

$14.10 $14.30

$15.30

$0

$5

$10

$15

$20

2015 2017 2019

Sweden Minimum Wage 2019 USD

▪ No minimum wage. This is the lowest of the average wages in the manual

workers sector - the accommodation and food service activities.

Economic Climate





Key Sources:











Switzerland Agriculture 3% Services 76% Industry 21%

Workforce






13

Availability:

11

Cost:

40

Regulation:

6

Productivity:

3

Global:

26

Availability:

16

Cost:

75

Regulation:

9

Productivity:

7

Year on Year Switzerland


Inflation Rate (Nov) -0.1%


52%

44%

4%

Highly Skilled

Medium Skilled

Non Skilled


4.5% 4.7% 4.8% 4.8% 4.9% 4.8% 4.9%

2.2%0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Switzerland Regional Average

$20.01

$20.01

$0

$5

$10

$15

$20

$25

2015 2017 2019

Switzerland Minimum Wage 2019 USD

▪ Minimum wage is set by canton and collective bargaining agreements. Neuchâtel

and Jura implemented a minimum wage in 2017.

Economic Climate





Key Sources:











Tunisia Agriculture 14% Services 44% Industry 43%

Workforce






38

Availability:

40

Cost:

2

Regulation:

38

Productivity:

28

Global:

69

Availability:

74

Cost:

7

Regulation:

69

Productivity:

52

Year on Year Tunisia




22%

56%

22%

Highly Skilled

Medium Skilled

Non Skilled


17.6%

15.9%15.1% 15.2% 15.5% 15.4% 15.5% 15.1%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Tunisia Regional Average

$0.57 $0.57

$0.68$0

$5

$10

2015 2017 2019

Tunisia Minimum Wage 2019 USD

Economic Climate





Key Sources:











Turkey Agriculture 19% Services 54% Industry 27%

Workforce






35

Availability:

36

Cost:

16

Regulation:

23

Productivity:

39

Global:

62

Availability:

51

Cost:

39

Regulation:

39

Productivity:

73

Year on Year Turkey




21%

64%

15%

Highly Skilled

Medium Skilled

Non Skilled


8.1%8.7%

9.9% 10.2% 10.8% 10.8% 10.9%

14.0%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Turkey Regional Average

$1.76

$2.61

$3.39

$0

$5

$10

2015 2017 2019

Turkey Minimum Wage 2019 USD

Economic Climate





Key Sources:











Ukraine Agriculture 15% Services 60% Industry 25%

Workforce






38

Availability:

38

Cost:

8

Regulation:

36

Productivity:

37

Global:

66

Availability:

62

Cost:

22

Regulation:

64

Productivity:

70

Year on Year Ukraine




38%

44%

18%

Highly Skilled

Medium Skilled

Non Skilled


7.5%7.2%

9.3% 9.1% 9.4% 9.5% 9.4%7.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

Ukraine Regional Average

$0.32$0.80 $1.05

$0

$5

$10

2015 2017 2019

Ukraine Minimum Wage 2019 USD

Economic Climate





Key Sources:











United Arab Emirates Agriculture <1% Services 61% Industry 39%

Workforce






6

Availability:

23

Cost:

30

Regulation:

7

Productivity:

4

Global:

14

Availability:

29

Cost:

63

Regulation:

11

Productivity:

10

Year on Year UAE


Inflation Rate (Oct) -1.9%


37%

53%

10%

Highly Skilled

Medium Skilled

Non Skilled


2.4% 2.3% 2.1% 1.8% 1.6%2.5% 2.6% 2.6%0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

United Arab Emirates

$3.93 $3.93

$3.93

$0

$5

$10

2015 2017 2019

UAE Minimum Wage 2019 USD

▪ Minimum wage for UAE nationals without a high school certificate.

▪ Expats do not have a set minimum wage although some countries set a

minimum wage for their nationals working in the UAE.

Economic Climate





Key Sources:











United Kingdom Agriculture 1% Services 81% Industry 18%

Workforce






1

Availability:

3

Cost:

22

Regulation:

3

Productivity:

5

Global:

4

Availability:

4

Cost:

47

Regulation:

6

Productivity:

11

Year on Year United Kingdom




48%

43%

9%

Highly Skilled

Medium Skilled

Non Skilled


7.9% 7.5%6.1%

5.3% 4.8% 4.3% 4.0% 3.8%

0%

10%

20%

2012 2013 2014 2015 2016 2017 2018 2019

United Kingdom Regional Average

$8.38

$9.67$10.59

$0

$5

$10

$15

2015 2017 2019

United Kingdom Minimum Wage 2019 USD

Economic Climate





Key Sources:










77


Asia-Pacific


Australia Agriculture 3% Services 78% Industry 19%

Workforce






5

Availability:

3

Cost:

14

Regulation:

4

Productivity:

10

Global:

11

Availability:

8

Cost:

64

Regulation:

10

Productivity:

22

Year on Year Australia




46%

46%

8%

Highly Skilled

Medium Skilled

Non Skilled


5.2%5.7%

6.1% 6.1%5.7% 5.6% 5.4% 5.3%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2109

Australia Regional Average

$11.43

$12.39 $13.14

$0

$5

$10

$15

2015 2017 2019

Australia Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ This is the standard minimum wage, there are also specific awards determined

by the Fair Work Commission which determine the minimum rate of pay based

on grade and job role.





China Agriculture 18% Services 56% Industry 27%

Workforce






14

Availability:

9

Cost:

13

Regulation:

10

Productivity:

13

Global:

60

Availability:

46

Cost:

59

Regulation:

51

Productivity:

42

Year on Year China




13%

79%

8%

Highly Skilled

Medium Skilled

Non Skilled


4.6% 4.6% 4.6% 4.6% 4.5% 4.4% 4.4%

3.6%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

China Regional Average

$2.13$2.60 $2.89

$0

$5

$10

2015 2017 2019

China Minimum Wage 2019 USD

▪ Minimum wage varies by District and region.

▪ This is the wage for Guangzhou, Guangdong Province.

Economic Climate





Key Sources:







https://www.china-briefing.com/





Hong Kong Agriculture <1% Services 87% Industry 13%

Workforce






2

Availability:

4

Cost:

5

Regulation:

3

Productivity:

1

Global:

2

Availability:

20

Cost:

13

Regulation:

4

Productivity:

1

Year on Year Hong Kong




39%

41%

20%

Highly Skilled

Medium Skilled

Non Skilled


3.3% 3.4% 3.3% 3.3% 3.4% 3.1% 2.8%3.1%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Hong Kong Regional Average

$3.83$4.41 $4.79

$0

$5

$10

2015 2017 2019

Hong Kong Minimum Wage 2019 USD

Economic Climate





Key Sources:











India Agriculture 43% Services 33% Industry 24%

Workforce






11

Availability:

13

Cost:

6

Regulation:

9

Productivity:

12

Global:

31

Availability:

58

Cost:

19

Regulation:

42

Productivity:

31

Year on Year India




16%

57%

27%

Highly Skilled

Medium Skilled

Non Skilled


2.7% 2.8% 2.8% 2.8% 2.7% 2.6% 2.6%

8.5%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

India Regional Average

$0.61$0.90 $1.00

$0

$5

$10

2015 2017 2019

India Minimum Wage 2019 USD

▪ Minimum wage varies by Region and job type.

▪ This is the wage for unskilled labour in Delhi.

Economic Climate





Key Sources:











Indonesia Agriculture 30% Services 47% Industry 23%

Workforce






15

Availability:

15

Cost:

3

Regulation:

15

Productivity:

15

Global:

63

Availability:

67

Cost:

4

Regulation:

72

Productivity:

60

Year on Year Indonesia




11%

71%

18%

Highly Skilled

Medium Skilled

Non Skilled


4.5% 4.3% 4.0%4.5% 4.3% 4.2% 4.3%

5.3%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Indonesia Regional Average

$1.11$1.37 $1.61

$0

$5

$10

2015 2017 2019

Indonesia Minimum Wage 2019 USD

▪ Minimum wage varies by Region.

▪ This is the wage for Jakarta.

Economic Climate





Key Sources:











Japan Agriculture 3% Services 71% Industry 26%

Workforce






10

Availability:

8

Cost:

11

Regulation:

6

Productivity:

7

Global:

22

Availability:

44

Cost:

56

Regulation:

15

Productivity:

15

Year on Year Japan




25%

68%

7%

Highly Skilled

Medium Skilled

Non Skilled


4.3% 4.0%3.6% 3.4% 3.1% 2.8%

2.4% 2.4%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Japan Regional Average

$7.28$7.51

$7.99

$0

$5

$10

2015 2017 2019

Japan Minimum Wage 2019 USD

▪ Minimum wage varies by Prefecture. This is based on an average.

Economic Climate





Key Sources:











Macau Agriculture <1% Services 79% Industry 21%

Workforce






8

Availability:

14

Cost:

4

Regulation:

8

Productivity:

4

Global:

16

Availability:

60

Cost:

10

Regulation:

37

Productivity:

9

Year on Year Macau




23%

61%

16%

Highly Skilled

Medium Skilled

Non Skilled


2.0% 1.8% 1.7% 1.8% 1.9% 2.0% 2.0% 1.8%0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Macau Regional Average

$3.72 $3.72 $3.72

$0

$5

$10

2015 2017 2019

Macau Minimum Wage 2019 USD

Economic Climate





Key Sources:











Malaysia Agriculture 11% Services 62% Industry 27%

Workforce






7

Availability:

12

Cost:

9

Regulation:

5

Productivity:

5

Global:

15

Availability:

56

Cost:

40

Regulation:

12

Productivity:

12

Year on Year Malaysia




26%

60%

14%

Highly Skilled

Medium Skilled

Non Skilled


3.0% 3.1% 2.9% 3.1%3.4% 3.4% 3.4% 3.3%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Malaysia Regional Average

$1.04$1.15

$1.27

$0

$5

$10

2015 2017 2019

Malaysia Minimum Wage 2019 USD

▪ A uniform minimum wage has recently been introduced.

Economic Climate





Key Sources:











New Zealand Agriculture 7% Services 73% Industry 20%

Workforce






3

Availability:

2

Cost:

8

Regulation:

2

Productivity:

3

Global:

3

Availability:

5

Cost:

25

Regulation:

3

Productivity:

8

Year on Year New Zealand

Labour Costs Index (Nov) 2.4%



46%

48%

6%

Highly Skilled

Medium Skilled

Non Skilled


6.9%6.3%

5.8%5.4% 5.1%

4.7% 4.5%4.2%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

New Zealand Regional Average

$9.15

$10.11$11.36

$0

$5

$10

$15

2015 2017 2019

New Zealand Minimum Wage 2019 USD

Economic Climate





Key Sources:











Philippines Agriculture 26% Services 56% Industry 18%

Workforce






4

Availability:

5

Cost:

2

Regulation:

11

Productivity:

11

Global:

10

Availability:

36

Cost:

2

Regulation:

53

Productivity:

26

Year on Year Philippines




25%

43%

32%Highly Skilled

Medium Skilled

Non Skilled


3.5% 3.5% 3.6%3.0% 2.7% 2.6% 2.5%

5.4%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Philippines Regional Average

$1.15$1.26 $1.32

$0

$5

$10

2015 2017 2019

Philippines Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by region and occupation. This is the rate in the National

Capital Region (NCR).





Singapore Agriculture <1% Services 84% Industry 16%

Workforce






1

Availability:

1

Cost:

10

Regulation:

1

Productivity:

2

Global:

1

Availability:

1

Cost:

55

Regulation:

1

Productivity:

2

Year on Year Singapore




56%

36%

8%

Highly Skilled

Medium Skilled

Non Skilled


3.7% 3.9% 3.7% 3.8% 4.1% 3.9% 3.8%

2.3%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Singapore Regional Average

$4.23 $4.23$4.52

$0

$5

$10

2015 2017 2019

Singapore Minimum Wage 2019 USD

▪ Minimum wage only applies to cleaners and security staff.

Economic Climate





Key Sources:











South Korea Agriculture 5% Services 70% Industry 25%

Workforce






12

Availability:

7

Cost:

15

Regulation:

12

Productivity:

9

Global:

56

Availability:

42

Cost:

66

Regulation:

55

Productivity:

17

Year on Year South Korea

Labour Cost Index (July) 4.3%



22%

65%

13%

Highly Skilled

Medium Skilled

Non Skilled


4.2% 4.2% 4.0% 3.8% 3.9% 3.8% 3.7% 3.8%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Taiwan Regional Average

$4.74

$5.50

$8.51

$0

$5

$10

2015 2017 2019

South Korea Minimum Wage 2019 USD

Economic Climate





Key Sources:











Taiwan Agriculture 5% Services 59% Industry 36%

Workforce






9

Availability:

6

Cost:

12

Regulation:

7

Productivity:

8

Global:

17

Availability:

37

Cost:

58

Regulation:

18

Productivity:

16

Year on Year Taiwan




34%

41%

25%

Highly Skilled

Medium Skilled

Non Skilled


4.2% 4.2% 4.0% 3.8% 3.9% 3.8% 3.7% 3.8%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Taiwan Regional Average

$3.77$4.36

$4.92

$0

$5

$10

2015 2017 2019

Taiwan Minimum Wage 2019 USD

Economic Climate





Key Sources:











Thailand Agriculture 33% Services 45% Industry 23%

Workforce






6

Availability:

10

Cost:

1

Regulation:

13

Productivity:

6

Global:

12

Availability:

48

Cost:

1

Regulation:

61

Productivity:

14

Year on Year Thailand




14%

76%

10%

Highly Skilled

Medium Skilled

Non Skilled


0.6% 0.5% 0.6% 0.6% 0.7% 0.6% 0.7% 0.9%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Thailand Regional Average

$1.24 $1.28 $1.36

$0

$5

$10

2015 2017 2019

Thailand Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Minimum wage varies by province.Unemployment rates from 2012 to 2018 are the average yearly rate




Vietnam Agriculture 41% Services 34% Industry 2%

Workforce






13

Availability:

11

Cost:

7

Regulation:

14

Productivity:

14

Global:

57

Availability:

55

Cost:

21

Regulation:

62

Productivity:

59

Year on Year Vietnam




12%

48%

40%Highly Skilled

Medium Skilled

Non Skilled


1.0% 1.3% 1.3%1.9% 1.9% 1.9% 1.9% 2.2%

0%

10%

2012 2013 2014 2015 2016 2017 2018 2019

Vietnam Regional Average

$0.67$0.93 $1.04

$0

$5

$10

2015 2017 2019

Vietnam Minimum Wage 2019 USD

Economic Climate





Key Sources:







▪ Varies by region. This rate is Region 1.Unemployment rates from 2012 to 2018 are the average yearly rate



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