Basic cost of living far exceeds minimum wage

In 2014 the minimum amount needed for covering daily costs in Latvia grew by €21 or 5%, reaching €452 per household member each month, according to data released Wednesday . 

Opinion on household disposable income and sufficiency was obtained in the Income and Living Conditions Survey 2014 carried out by the Central Statistical Bureau (CSB).

The survey showed that despite the fact that household disposable income has increased in recent years, it still does not exceed the minimum amount that would be needed for households to cover their daily costs.

82% of those surveyed said they had difficulty meeting their basic living costs each month.

The survey covered 6,100 thousand households, and 12,000 thousand respondents aged 16 years and over were interviewed.

In 2013 households specified that they would need at least €431 monthly per household member for covering their daily costs. However, their disposable income reached only €354 per household member monthly, which is 18% less than the required minimum amount for covering daily costs.

In 2014 the amount needed for the households to cover the daily costs grew by 5%, reaching €452 per household member monthly.

To place the costs in context, the minimum wage in Latvia in 2014 was, €320, rising to €360 this year.

The average monthly wage at the end of 2014 was €604 (net).

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Economy
Economy