🦜 PerchPulse - The Netherlands Market Update September 2022 🦜

PerchPulse - Netherlands Market Update September 2022 

The latest and most relevant info on talent & immigration, business, and cost-of-living in The Netherlands, to help HR leaders stay close to events and support their people strategy.

A big feathery welcome!

Hey there! Welcome to PerchPeek’s September 2022 Netherlands Market Update! As experts in moving people between locations, we keep as up-to-date as possible on international market trends and factors influencing HR leaders, their teams, and their employees, and we've brought this insight into a monthly newsletter. If you’d like to get this newsletter directly into your inbox every month, simply sign up for it here. We hope you enjoy reading! 

Fly-by summary:

  • New and improved employment laws in the Netherlands lead to more remote working options and flexible hours.
  • The Dutch workforce may spend more years of their lives working, however benefit from a greater work-life balance.
  • Inflation is still straining wallets across the country, from energy costs and groceries to rent and more. 
  • The minimum wage is set to increase in early 2023. 

Talent & Migration

Unemployment Levels Climb as New Employment Laws Take Effect


From May through July this year, unemployment rose by an average of 12,000 people per month. The cause? Well, it’s a combination of increased job losses and more people in the inactive labour force who are seeking work. 

However, new and positive employment laws have taken effect since August 1, improving working conditions for those in the Netherlands. These changes include:

The Dutch Can Expect Longer Working Life


Recent figures released by Eurostat reveal that those working in the Netherlands have, on average, a longer working life than those living in other European countries. The Dutch can expect to spend nearly 43 years of their lives working, compared to the European average of 36 years.

While people in the Netherlands may spend more years in jobs, they likely spend fewer hours working. This makes for a better overall work-life balance for many who choose to work in the Netherlands. Of the nearly 9.5 million people with paying jobs in the Netherlands, just under 50% of the entire workforce works part-time.

Housing & Cost of Living

Dutch Home Prices and Inflation Reach Record Highs


Much like the rest of Europe, the Netherlands has seen a significant increase in home prices over the last year. In July, house prices were, on average, over 99 percent higher than during the low in June 2013. 

In Amsterdam, house prices experienced the second lowest increase of all municipalities. In Noardeast-Fryslân, house prices rose the most at nearly 20 percent. Home prices in Rotterdam rose the fastest among the four largest cities in the country, at 11.4 percent. 

Inflation in the Netherlands and the rest of the eurozone has been high for months, making the cost of daily life a struggle for many. In fact, everyday life in the Netherlands was nearly 15 percent more expensive in August than in the same month last year.

The country is seeing sharply rising gas and electricity prices, as well as an increase in food prices. According to CBS, food, drink, and tobacco were almost 11 percent more expensive in August than in the same month last year.


Minimum Wage Set to Increase in the Netherlands


The government plans to increase the minimum wage by 10 percent next year to support low-income earners and middle-income households. Since the minimum wage is connected to benefits, like social assistance and the state pension, those groups will also benefit substantially.

Business & Economy

Consumer Confidence & Dutch Manufacturing Outlook Historically Low


Consumers feel less confident in the Netherlands’ overall economy and financial situation. However, there are signs of growth. According to the first quarterly estimate conducted by Statistics Netherlands, in Q2 2022, GDP grew by 2.6 percent relative to the previous quarter. The Netherlands recently ranked sixth among the most competitive world economies, just behind Hong Kong and Sweden. 

The Netherlands’ growth can be attributed to the balance of trade and investments, and household consumption. In Q2 2022, investments rose by just over 5 percent. Exports and imports of goods and services increased by 2.7 and 1.6 percent, respectively. 

In August 2022, the mood among Dutch manufacturers was considerably less optimistic than in July 2022. Producer confidence decreased from 8.4 in July to 4.6 in August, as Statistics Netherlands (CBS) reported.

Conclusion

Despite worldwide inflation and rising household costs across the Netherlands, the government is working to ease the strain. These are all encouraging signs, from a bump in the minimum wage to laws that provide better working conditions. As an HR leader, you can inform your employees of these changes and answer any questions they may have. 


‍Thanks for reading! See you next month!

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