www.ecb.europa.eu
11 February 2026
- ECB wage tracker updated with wage agreements signed up to mid-January 2026; forward-looking horizon remains unchanged at end-December 2026
- Forward-looking information continues to indicate that negotiated wage growth will level off at below 3% by the end of 2026
- ECB wage tracker with unsmoothed one-off payments at 3.0% in 2025 and 2.7% in 2026
The European Central Bank (ECB) wage tracker, which covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 3.2% in 2025 (based on a coverage of 49.9% of employees in participating countries) and 2.4% in 2026 (based on a coverage of 33.1%). Compared with the December 2025 data release, the ECB wage tracker with smoothed one-off payments was revised up by 0.1 percentage points for 2026. The ECB wage tracker with unsmoothed one-off payments indicates negotiated wage growth of 3.0% in 2025 and 2.7% in 2026. The wage tracker excluding one-off payments indicates an easing of…