www.ecb.europa.eu
12 March 2025
- ECB wage tracker, updated with agreements signed up to 19 February 2025, broadly unrevised compared to data release following January Governing Council meeting
- Forward-looking information continues to suggest that negotiated wage pressures will ease overall in 2025
- Forward-looking information from the wage tracker should not be interpreted as a forecast
The European Central Bank (ECB) wage tracker, which only covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.7% in 2024 (based on an average coverage of 48.2% of employees in participating countries) and 3.3% in 2025 (based on an average coverage of 40.5%). The ECB wage tracker with unsmoothed one-off payments indicates average negotiated wage growth of 4.8% in 2024 and 2.8% in 2025. The steeply downward trend of the forward-looking wage tracker in 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024, but drop out in…