Denmark is one of the best countries to work in in the world. It appears 18 among the top 20 countries with the highest rate of employment. Around 75.3 % of the population is employed, meaning the chances of securing a well-paying job are high.
So, what is the average salary in Denmark? The average Danish employee earns a net salary of $7,700. This is to mean that the highest professionals take home anywhere from $9,916.7 while the lowest-paid employees take home around $4,833 per month.
The main problem with the salary is the difference between gross pay and net pay. The employee gets between 38% and 45% less of the total intended compensation due to taxes and other deductions. The Danish income taxes have among the highest rates in the world. If you are earning the average salary, it means you have the potential of making anywhere from 439,463.
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Average Salary of Top 10 Different Professions in Denmark
This is a summary of the highest paid professions in Denmark. If you are looking for the best jobs to work for in Denmark, here is where to look;
Medicine
Practising medicine remains to be one of the highest-paid ventures in the world today. In Denmark, also, it happens to be the highest paying professions. The average salary for a Danish urologist is $21506 takes home an average of 17437$. The lowest-paid medical practitioner in Denmark is a family doctor who still earns a lot, an average of $12519 per month.
Finance and Insurance
This category consists of employees who work in credit and banking and insurance facilities such as bankers, tellers, agents, and brokers. On average, a Danish bank manager earns at least $8338, while bank tellers make $7399 per month.
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For the agents and brokers, they make up to $6319 per month.
Science
The average salary for a microbiologist in Denmark is $8416. The average zoologist makes around 30242 while the botanists can make up to $8112.
Across Denmark, there is a particular urge to protect the environment. Anyone who works in the field of environment makes a lot of money. On average environmental and agricultural scientist earns a monthly salary of ranging between $3345 and $10835.
Law
Lawyers are typically the highest paid professionals in Denmark as well as in the world today. On average, an attorney $9218 per month, while the salary of a corporate lawyer is around $9587. Defence lawyers, take the lion’s share and can make up to $10028. Magistrates, judges, and prosecutors make an average of $79159 per year.
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Practicing law in Denmark is a well-paying venture for consideration.
Real Estate
This category comprises of real estate agents and property managers. This career is one of the best, considering that real estate is a booming industry in Denmark. Realtors can make a monthly salary of up to $5633, while property managers make around $5745 per month.
Pharmacy
Being a pharmacist I Denmark is a good deal since they make an average salary of $7502 per month. The more experienced pharmacists can make up to $11253, which is relatively high.
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IT
Knowledge in IT and computer science is a significant advantage when working in Denmark. An average IT expert gets a monthly salary of around $6634, while a computer scientist makes about $6489 in a month. Software engineers and programmers are usually in high demand, and you can negotiate for higher pay with your employer.
Sales and Marketing
Are you passionate about sales and marketing? Try Denmark! Professionals in this field make an average salary of $7974. Experts and managers in the area can make up to $11267. This is competitively high as compared to other countries. Digital marketers are also ranging in the same salary bracket.
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Sports
The Denmark people have a particular liking for talents, sports preferably. Football is the most common sport in the country, and the average salary for a professional soccer player is $34,726 per year, which is equivalent to $2,893 per month. The women also have a good chance at football, and a professional female football player makes an average of $600 per month.
Journalism
News anchors, reporters, and show hosts seem to be making more in Denmark than in several other countries. The average salary for a journalist in a month is $6178.
Average Household Income in Denmark
In Denmark, the annual average household income per capita is around $29606. This figure looks much lower as compared to other countries.
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However, in this country, the gap between the poor and the rich is great. At least 20% of the population in Denmark has an annual income which is op to four times the income of the lower class. The lowest-paid individuals make about $61615 annually, which translates to $5134 per month, while the highest-paid professionals pocket three to four times that amount.
Minimum Wage in Denmark
Unlike most countries, there is no statutory legislation providing for the minimum wage in Denmark. Despite this, Denmark continues to be the ideal place to work in for the expats and professionals due to the attractive and competitive salaries.
Instead, there are collective agreements for the various fields of work regarding the minimum wage in Denmark. It is through collective bargaining that it sees the determining of the minimum wage limits for both blue-collar and white-collar workers in the country.
More than half of the total working population belongs to trade unions that handle the negotiations for the bargaining agreements. They determine the minimum wages for workers in a specific industry.
They have to consider aspects such as qualifications, age, type of work, experience, and risks involved when setting the minimum wage.
Across the significant private and public sector enterprises in Denmark, the regular minimum wage for workers is $16.22 per hour. Working 37 hours a week and four weeks a month, it relates to around $2507 per month.
At the same juncture, there is no general regulation concerning overtime. However, the collective bargaining agreements stipulate on the minimum wages for employment as well as overtime. The standard overtime minimum wage is 50% of the usual fees for the first 3 hours, followed by 100% of the general wage for the following hours, public holidays and weekends included.
Average Salary in Copenhagen
The capital city of Denmark is Copenhagen. For most expats, Copenhagen is one of the best places to boost their career, as it offers a pleasant working environment due to the high standards of living, excellent working conditions as well as competitively attractive salaries.
There is no minimum salary declared by the government in Copenhagen and throughout Denmark. Still, the most common wages have a minimum of 110DKK per hour, which is roughly around 16.22 US dollars. The expected minimum gross salary would be around $2507 per month. The highest-paid professionals in Copenhagen make about $126000 annually, which is around $10500 per month.
In Copenhagen alone, the average net salary is around $3163 after tax. The tax rates in the country are extremely high, some going up to 50% for the top income earners and ranging between 38%- 45% for the low-income earners.
Annually the average gross income in Copenhagen is around $79495, which leaves a net salary of $48941 after taxation.
Cost of Living in Denmark
The standards of living are high in Denmark, but so is the cost of living. Roughly, you would require between $820 and $990 to survive in Denmark. In major cities such as Copenhagen, the price goes higher to around $1322.34 per month.
Renting a simple one-bedroom apartment requires at least $480.45, while the average man’s food supplies cost you between $220.39 and $298 per month. Essential utilities such as water, electricity, gas, and garbage collection services cost around $195.
It costs around $220.39 to get health, and life insurance. Subscription to a gym or fitness club costs you around $36.
In entertainment, phone and television bills amount to $51.62 per month internet included while cinemas and dining out the cost between $14.75- $29.50. Drinks and beverages cost between $0.74 and $7.37, depending on the place of purchase.
The use of public transport costs you around $44.24 per month. The monthly pass, for instance, costs around $58.25 while a taxi charges around $2.21 per kilometre.
Getting a mortgage in Denmark is exciting as they now offer negative mortgage interest rates (of up to -0.5%) for long term periods from 10 years. This means that Danish borrowers return lesser amounts on their loans.
Life in Denmark is costly, and only a few manage to live comfortably in the major cities.
Conclusion
Denmark is one of the best places to live and work in. Working in the country assures professional of reaping maximum at their areas of practice in spite of lacking statutory legislation on the minimum wage. The minimum payment determining is per profession and involves bargaining agreements between trade unions and employers in the industries. Various factors such as age, type of work, experience, risks affected, and the competency of the workers are put into consideration when determining the minimum wage.
The major disadvantage of working in Denmark is the ridiculously high rates of taxation, which often range between 38% and 45% and other times at 50%.
Copenhagen is one of the cities in the towns which offer high salaries to employers. However, the cost of living is quite unaffordable to many, as opposed to other major cities in the country. In such instances, you may have a credit to cover some expenses. But you need to be wary of your credit score.
The gap between the rich and the poor is extensive, and so is the difference between the highest-paid individuals and the lowest paid individual. Some earn up to a third and a quarter of the salaries of others in the country.