Brussels:
Labour costs in India are among the lowest in the world while the highest
25 times over those in India are in the three European Union
countries of Belgium, Sweden and Germany, according to a study conducted by
Mercer Human Resources Consulting, the world's largest employee benefits consultancy.
The
study shows labour costs in India at around euro 2000 (Rs1,12,000) a year
while in Belgium, Sweden and Germany the financial burden of employing a worker
(including benefits) is more than euro 50,000 (Rs 28,00,000 a year). The
European figures are higher than costs in Japan at euro 45,839 and in US at
euro 33,195. In
new EU member states such as Latvia labour costs are euro 4,752, in Lithuania
euro 5,649 and in Poland euro 8,257. In Japan, annual labour costs stand at
euro 45,839 and in the US it was euro 33,195. The
survey showed that EU as a whole had 15 per cent lower employment costs compared
to the US. Annual labour costs in France (euro 45,879) and in the UK were
in line with Japanese costs but almost 40 per cent higher than US costs. Chinese
(euro 13,884) and Indian labour costs were even more competitive, the study
said. The
labour costs as computed in the survey include national average earnings for
full-time male employees, social security, mandatory benefits as required
by national law and voluntary benefits such as pension, death, disability
and medical payments. The
labour costs include national average earnings for full-time employees,
social security, mandatory benefits as required by national law and voluntary
benefits such as pension, death, disability and medical payments.
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