Excellent ratio between labor quality, cost and productivity is particularly appealing to foreign investors seeking to achieve higher profitability through cost effectiveness, while not compromising their quality standards. In addition to the existing skilled and semiskilled labor pool in the manufacturing sector, the region of Vojvodina is characterized by the constant influx of newly qualified workers. Moreover, the income growth rate does not exceed the inflation rate and is much lower than the growth of income rate in e.g. Slovakia, Romania, and Bulgaria.
Labor Cost StructureAverage salary in Vojvodina, June 2016
|Personal Income Tax||10||40|
Average GROSS monthly wages by produciton sector in Vojvodina in 2016
|Oil industry||€ 1,372|
|Pharmaceutical industry||€ 1,350|
|EMS sector||€ 694|
|Food & Beverage industry||€ 665|
|Metal industry||€ 475|
|Textile industry||€ 384|
|Machine production||€ 334|
From July 1st, 2014 the employers have the right for refund on the paid personal income tax & social insurance contributions.
- 65% refund for employing 1-9 workers
- 70% refund for employing 10-99 workers
- 75% refund for employing 100 + workers
*until December 31, 2017