Author: Tatyana Gracheva

Public sector workers will get increased salary

According to the President of Serbia, Aleksandar Vučić, a salary increase of eight percent will be received by the entire public sector and a 12 percent salary raise will be received by teachers and preschool educators.
Vučić said that this constitutes a real increase in the standard of living, not only for Serbian teachers, but also for preschool educators, if inflation is 4.2 percent, as their salaries will be increased by 12 percent, which is 50 percent more than for other public sector workers, thus showing the government’s commitment to education.
The president also said that negotiations with some foreign universities have already been initiated by the government to bring them to Serbia to reduce study costs for local students.
He emphasized on the possibility of bringing parts of those universities or their departments and building their campuses in Serbia instead of sending students to Italy, Switzerland or the United Kingdom. According to him, the goal of the state is to keep people here.
Vučić highlighted that the government will try to subsidize these parts or departments of foreign universities to make their costs lower than abroad, taking into account that their living expenses are already much lower. It will prevent the parents from the necessity of being separated from their children to provide them with a good education.
The President of Serbia stated that competition among Serbian private and public universities will also be encouraged by this. He highlighted that universities will have to provide much better education if they want to attract students. The students need knowledge, not just diplomas.
Excellent news for the country’s poorest workers and pensioners is Vučić’s proclamation of the decision to increase the minimum wage by 13.7 percent, to 53,592 dinars, and to raise pensions by 10.9 or 11 percent.

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Double-digit growth in turnover and production value in Georgia’s business sector is reported in Q2

As the National Statistics Office of Georgia said on Tuesday, a growth by 11.6 percent year-on-year was shown by the total turnover of the business sector in Georgia in the second quarter of 2024 (₾53.6 billion ($19.93bln) and a 12.5 percent year-on-year increase was reached by the production value (₾20.5 billion ($7.62bln).
66.5 percent of the total turnover were constituted by large businesses as key drivers of the sector’s growth. 15.1 percent were made up by medium-sized businesses and 18.4 percent were contributed to small businesses.
Nevertheless, production value was distributed in a slightly different way: 46 percent were accounted for large businesses, 24.3 percent for medium-sized businesses and 29.7 percent for small businesses.
The total purchases of goods and services carried out by enterprises rose by 8.3 percent year-on-year and amounted to ₾28.3 billion ($10.52bln).
The average number of individuals employed in the business sector reached 769,900 employees (an increase by 4.4 percent). 43.6 percent of the total workforce were female and 56.4 percent were male.
According to the statistics office, large businesses employed the majority of people (43.6 percent), small business employed 36.5 percent and medium-sized businesses employed the remaining 20 percent.
A 3.4 percent increase compared to the same quarter of 2023 was shown by the total number of employees (724,000).
According to analysis of the distribution of employees by region, the highest percentage of employed individuals (65.7 percent) was in Tbilisi, then followed the Black Sea region of Adjara at nine percent and western Imereti region at 6.7 percent.
The average monthly remuneration reached ₾2,105.5 ($782.71) (an increase by ₾190.7 ($70.89) in the second quarter compared to the previous year.
Employed women earned ₾1,636.3 ($608.29) after an increase of ₾153.8 ($57.17) y/y.
The size of business influences average monthly salaries. For example, it is ₾2,538.1 ($943.53) in medium-sized businesses, ₾2,224 ($826.77) in large businesses and
₾1,653.6 ($614.72) in small businesses.
The leader in total turnover is the trade sector, including areas for repair of motor vehicles and motorcycles. Its share is 34.5 percent, closely followed by arts, entertainment and recreation (33.9 percent).
The leading sectors in terms of production value were manufacturing, trade, construction, transportation and storage (20.3 percent, 19 percent, 18.1 percent, and 9.1 percent, respectively). A 33.5 percent share was held by the rest of the sectors collectively.
The top three sectors for employment also included trade (wholesale and retail trade, repair of motor vehicles and motorcycles), manufacturing, and human health and social work activities with 28.4 percent, 11.8 percent, and 9.6 percent share of employees, respectively.

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