Latvian Employment Rate Increased at the End of 2014

Employment-Rate-Increases-in-Latvia-at-the-End-of-2014According to the Central Statistical Bureau (CSB), the unemployment rate in Latvia in 2014 reached 10.8% decreasing by 1.1% compared to 2013. About 108,000 Latvian citizens aged between 15 and 74 years were unemployed compared to the 128,000 individuals with no employment in 2013.

Higher number of employees in Latvia in 2014

The Latvian employment rate increased by 0.7% at the end of 2014 compared to the end 2013. The employment market accounted for 867.9 thousand jobs occupied by Latvian citizens. In 2014, the largest number of jobs was registered in Latvian companies in the private sector. The private sector registered a 0.4% increase in the number of jobs, accounting for 577.6 thousand new jobs, a 2.2 thousand more jobs than in 2013. Latvian companies in the public sector had 290.3 thousand employees in 2014. The employment rate in the public sector increased by 1.3%, meaning 3.8 thousand new jobs compared to the same period of the previous year, according to the Central Statistical Bureau of Latvia.

The sectors registering the highest and fastest growth were the information and communication sectors accounting for 8.5% or 2,000 new jobs, the health and social work sector accounting for 6.7% or 3,900 new jobs and the accommodation and food service sector accounting for 4.8% or 1,400 new jobs.

As occupational groups, the number of employed agricultural workers increased by 6.8%, the number of service workers increased by 5% and the group of professionals also registered a 4.1% increase.

The Latvian labor market has undergone massive changes during the last years with positive effects. According to Eurostat’s report, the number of women holding top positions in Latvian companies has increased substantially.

Latvia, leader in top jobs held by women

The survey conducted by Eurostat showed Latvia has the highest number of executive jobs held by women in the European Union. In Latvian companies, 44% of the best jobs are held by women, while the European average is 33%. Based on Eurostat’s report, Latvia surpassed countries like Hungary that ranked second with 41% of women in top positions and Lithuania with 44% of executive jobs held by women. Luxembourg, Cyprus, the Netherlands and Croatia registered the lowest percentages of women in top jobs.

The survey also shows differences still remains between men and women working in Latvia. One of the differences refers to the hourly wage gap between genders. Women earn an average 14.4% less hourly wage than men holding the same positions. The gender gap in Latvia is currently the 12th lowest in the European Union, according to Eurostat’s report.

For details about the legislation on employment, please contact our law firm in Latvia.