Production Manager Price Trend

Production Manager Prices (Q4 2021)

Asia

The Ministry of Labour and Employment changed the level of VDA for 1.5 million central sphere employees in the fourth quarter of 2021. The increase, which went into effect on October 1, resulted in a raise in the minimum wage for employees and workers in the core sector. Factory labour wages in New Delhi, India have been confirmed at 749 INR/day for Skilled Factory Workers beginning in October 2021. Bihar's tariff was set at 301 INR per day.

Europe

Wages in the European Union increased by 2.8 percent year on year in the fourth quarter of 2021 compared to the same period the previous year. In January 2022, the EU Member States' minimum wages ranged from 332 EUR/month in Bulgaria to 2257 EUR/month in Luxembourg.

North America

Minimum wages in the United States increased in the fourth quarter of the year. Minimum-wage workers in the United States will be paid more in 2022. New minimum wage legislation went into effect in 21 states and 35 cities across the United States in January 2022. According to the National Employment Law Project, this was the largest increase in sub-national minimum wage regulation in US history. While most states increased their minimum wages to 10 or 13 USD per hour, California and New York implemented statewide minimums of 15 USD.

Latin America

Minimum wages in the LATAM region varied greatly from country to country. While basic goods and services were readily available to a Chilean worker on the minimum wage, a Venezuelan worker would have needed 156 such minimum wages to obtain the most basic core diet items. Argentina's minimum wage in November 2021 was 31,938 Pesos. Basic food prices increased by 2.6 percent in November, implying that a household of two adults and two school-aged children would need 31,724 Pesos to stay above the poverty line, nearly a month's wage.

Production Manager Prices (Q1-Q3 2021)

Asia

The National Floor Level Minimum Wage (NFLMW) in India remained constant at 178 INR/day for the majority of the first quarter of 2021, remaining unchanged from 178 INR/day in 2020. However, circumstances changed in the latter half of March 2021. At a time when the country was dealing with the second wave of the COVID-19 pandemic, the Government of India's Ministry of Labour & Employment published and amended the rate of Variable Dearness Allowance with effect from April 2021. The VDA is updated monthly using the Consumer Price Index for Factory Workers from the Labor Bureau (CPI-IW). The most recent VDA modification was calculated as the average CPI-IW from July to December 2020. This benefited approximately 1.50 crore workers in various scheduled jobs in the central sector across the country. Under this plan, a highly skilled industrial worker was entitled to a minimum of 853 INR/day, while an unskilled worker was entitled to a minimum of 645 INR/day.

Europe

Following the implementation of COVID-19 across all EU Member States in 2020, authorities in charge of determining the minimum wage faced a difficult task in determining the new rates. Faced with rising unemployment, extreme economic uncertainty, and disruptions to normal negotiating and consultation processes, the majority of European countries agreed to modest increases in their statutory minimum wages beginning in January 2021. In six Central and Eastern European countries, the minimum wage had been increased by more than 5%. Among them were Latvia, Slovenia, Poland, Slovakia, Bulgaria, and Lithuania. Several veteran member countries saw a smaller increase, including Portugal, Luxembourg, the Netherlands, Germany, France, and Ireland. In the case of the United Kingdom, the 2.2 percent increase in the pound would have exceeded 6 percent if yields were measured in euros.

North America

Despite the magnitude of the disruption to the US labour market caused by the coronavirus epidemic, employed employees' earnings remained significantly unchanged. During the COVID-19 recession, the median wage in the United States increased as lower-paid workers lost their jobs. Earnings remained stable overall during the epidemic, in part because lower-wage workers lost more jobs. As a result, the average employed person in 2021 will earn more than the average hired worker in 2019. A decrease in inflation in 2021 benefited all workers by increasing the purchasing power of their earnings. Prior to the second coronavirus pandemic, the median wage for employed Americans had remained stable for several quarters at around 21 USD/hour.

Latin America

Argentina signed a 2021 agreement establishing a gradual increase in pay, with the increase expected to bring it to 33,000 Pesos in 2021, representing a 52.7 percent year-on-year increase. From May 1, 2021, the minimum monthly wage in Chile was 337,000 Pesos for workers aged 18 to 65, and 251,394 Pesos for those aged 65 and up. The minimum wage was 326,500 pesos on September 1, 2020, with an increase in May 2021 increasing the monthly paycheck by 10,500 pesos.

Production Manager Prices Overview 2020

Asia

With a national minimum wage of approximately INR 176 (USD 2.80) per day and approximately INR 4,576 (USD 62) per month, India has the most affordable labour costs in Asia. This was a national minimum wage that varied by geographical region and other factors. In general, a global analysis of average monthly salaries found that India earned an average of INR 32,800 (USD 437) per month. The monthly minimum wage calculation includes a variable dearness allowance (VDA) component that accounts for inflationary trends such as the rise or fall in the Consumer Price Index (CPI), as well as a dwelling rent allowance, if available (HRA). Inspectors-turned-facilitators were appointed by the government to conduct inspections to ensure that businesses were in compliance with the new pay law.

Europe

In June 2020, the majority of EU countries raised their statutory minimum wages for 2020, in many cases significantly, such as Poland (17%), Slovakia (12%), and Czechia (11 percent ). In total, all EU Member States raised their minimum tax rates in 2019 compared to 2019. Year-on-year increases ranged from 17% in Poland (EUR 523 to EUR 611) to 1.2 percent in France (EUR 1,521 to EUR 1,539), while Latvian prices remained stable. The average gross minimum wage in Portugal increased by 8.4 percent to EUR 740.

North America

Wages in the United States grew at a historically rapid rate of 6.9 percent for the average worker between 2019 and 2020, but not for positive reasons. In 2020, the US economy took a hit unlike any other in recent memory. Wages increased significantly as a result of the fact that wage workers in the bottom 25% of the pay gap held more than 80% of the 9.6 million net job losses in 2020. 7.9 million low-wage workers left the labour force, while 1.5 million positions in the upper half of the income scale were added, pushing average wages higher. Wage inflation in 2020 was neither cause for celebration nor justification for injecting fears of economic overheating into policy debates. The majority of workers had a relatively weak bargaining position, which limited their ability to obtain adequate pay increases to compensate for decades of low wage growth. When compared to other recent recessions, this pandemic-induced economic downturn was especially hard on low-wage workers, who continued to require assistance. In 2020, less than 75% of low-wage workers were still employed, compared to more than 90% of high-wage workers in the top 25% of the wage distribution. To summarise, wages rose in 2020 as the low-wage labour market reached its lowest point.

Latin America

Since 1 October 2019, Argentina's statutory monthly minimum wage has been 16,875 Pesos (USD 229.4) per month, or 84.37 Pesos (USD 1.15) per hour. The federal minimum wage was updated for inflation in April 2020 and will remain at 1,045 Reais (US$186) per month for the rest of the year. In reality, only a few small local businesses adhered to the required monthly minimum wage. Employees at large corporations and multinational corporations were paid more than the minimum wage, either as a matter of public policy or to comply with the terms of the applicable collective bargaining agreement. In response to the covid-19 issue, the Chilean government passed a bill on April 3, 2020, providing a monthly subsidy of 300,000 Pesos to employees earning less than 384,363 Pesos per month. Colombia's minimum monthly wage was 877,802 Colombian Pesos.

Procurement Resource Database

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Procurement Resource provides latest wages of Production Managers. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description

Procurement Resource provides wages of Production Managers for several regions around the globe, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

About:

Production Manager is that person who organises the business, finance as well as the employment issues in areas like films or movies and television productions. As a Production Manager, a person is required to manage the production budget and decide how it would be spent. He/she must make sure that everything runs smoothly during filming.

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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