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Labor costs in India is lowest in the world
By agencies
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Tuesday, 12 April 2005, 19:30 IST
LONDON:Labor costs in India are among the lowest in the world while the highest are in European countries Belgium, Sweden and Germany, according to a new survey.
Employment costs in India are euros 2,024 a year, while in Belgium, Sweden and Germany the financial burden of employing a worker is more than euros 50, 000 a year.
In new E.U. member states such as Latvia labor costs are euros 4,752, in Lithuania euros 5,649 and in Poland euros 8,257, the study conducted by Mercer Human Resources Consulting, the worlds largest employee benefits consultancy, said.
In Japan, annual labor costs are euros 45,839 and in the U.S. it was euros 33,195.
The labor costs include national average earnings for full-time employees, social security, mandatory benefits as required by national law and voluntary benefits such as pension, death, disability and medical payments.
The survey showed that E.U. as a whole featured 15 percent lower employment costs compared to the U.S. Annual labor costs in France (euros 45,879) and in the U.K. were in line with Japanese costs but almost 40 percent higher than U.S. costs.
Chinese (euros 13,884) and Indian labor costs were even more competitive, the study said.