www.ecb.europa.eu
17 September 2025
- ECB wage tracker updated with wage agreements signed up to end of August 2025; forward-looking horizon extended to end-June 2026
- Forward-looking information continues to indicate easing of negotiated wage growth, consistent with data published following July 2025 Governing Council meeting
- ECB wage tracker preliminary data suggests lower and more stable wage growth in first half of 2026, with employee coverage remaining limited
The European Central Bank (ECB) wage tracker, which covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.6% in 2024 (based on a coverage of 50.1% of employees in participating countries) and 3.2% in 2025 (based on a coverage of 47.9%). The ECB wage tracker with unsmoothed one-off payments indicates negotiated wage growth of 4.8% in 2024 and 2.9% in 2025. The downward trend of the forward-looking wage tracker partly reflects the mechanical impact of large one-off payments (that were…