Inflation Erodes Private Sector Salaries in 2023, INSEE Reports
Despite nominal increases, real purchasing power for private sector employees fell due to persistent inflation, with executives facing the steepest declines.
- The average net salary in the private sector rose by 4% to €2,735 per month, but inflation outpaced this increase at 4.9%, leading to a real decrease in purchasing power.
- The real net salary decreased by 0.8% in 2023, following a 1% decline in 2022, bringing purchasing power back to 2019 levels.
- Executives experienced the most significant drop in purchasing power with a 2.8% decrease, while minimum wage protections helped limit declines for workers and employees.
- Salary disparities between men and women continue to narrow, with the gender pay gap reducing by 0.5 percentage points in 2023.
- Half of private sector employees earned less than €2,183 net per month, showcasing significant income disparities within the sector.
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