I've worked in both the US and various EU countries, while the higher salary is certainly enticing, it's also a trap; When shit hits the fan, you better have been saving. In Europe, the money I make is money I get to really use, because the rest is taken care of for me.
I wonder where this happy country is. In Germany it is already a common knowledge that relying on state for your retirement is a sure recipe for poverty in the old age.
Is it? I'm living in Germany since so many years and nobody told me this. They send me estimates about the money I'd be getting when retiring regularly, and while it'd mean downsizing, I'd not be poor with the amounts named.
These high pension values are also quite sure to be unsustainable for the government, as the workforce shrinks quite dramatically and people still get older.
Generally, people are advised to put some money for retirement on the side, if they can. If you are in a position to put some money aside probably try to do some research. "Geldanlage für Faule" by Sina Groß is a very down to earth starting place.
Seriously though, in Germany, you always get this sense that everybody seems to know what they are doing until ??it hits the fan and you realize all that time nobody had cared about what's coming.
I wouldn't bet on any of it happening, but predicting the future is always hard.
You're right in that employers restrict hiring as much as possible, what tends to happen here is you get a 1 year contract with the option to be taken on permanently, and these contracts don't have all of the insurances. Taking a permanent contract here is seen as a serious commitment to the company, so most people who just want more money in their bank account at the end of the month choose not to take permanent contracts and take the risk themselves.
If I saved for these things myself in the US, I would've been netting less than I do here in Europe, despite my US salary being 100k higher. A lot of people live way beyond their means with all these things considered.
Salaries in Europe are much lower even when all the salary and benefit related expenses (so called "gross 2" salary) are taken into account.
That's why Twitter didn't start there.
For 100000 USD it's actually a bit higher than for 100000 EUR.
However, as another commenter said, income tax is not the full story - far from it. There are other taxes that you have to pay. Also, while social security comes out of your paycheck, it's considered taxable income in France for the purposes of the income tax. Also, social security is usually insufficient, so you usually have to pay for a separate insurance. Which, you guessed it, isn't deductible from taxes.
As far as a company's concerned, if the employee costs 100 EUR "fully loaded", they only get around 55-60 EUR in hand. Also, when comparing with the US, don't forget that VAT is at 20-25% depending on the country. And, at least in France, VAT is levied on some taxes (yup), like for example electricity and gas.
[0] https://www.forbes.com/advisor/income-tax-calculator/califor...
[1] https://simulateur-ir-ifi.impots.gouv.fr/calcul_impot/2022/s...
US is around 25% whereas France is 45%
So imagine your the next unicorn? Would you hire like crazy in Europe?
Modern Switzerland is much of a socialist state. It’s lost all the things that made it a great place for business. Zurich is still a small tech hub for startups but mostly services and finance. Labor is usually hired in US or elsewhere.
About the only place in EU that's pro-small business is Italy. It still has some 50% of the GDP from companies less than 50 employees.
If you're on a permanent contract, there's a minimum legal notice that depends on years served and your age. So it's not "6 months", it's a variable amount of months. It may be as little as 0.5-2 months if you've worked there for < 5 years. If you're not on a permanent contract, the notice is: BYE.
As for "75% for 2 years", that's not the employer paying you, it's the state. Unemployment benefits. Where both "75%" and "2 years" are lacking some crucial details. It's max 75% of a fixed cap. So if you're a high earner, you might only get 25-50% of your previous salary. Further, you'll be intensely pressurized to find that new job, where you need to supply weekly evidence of job interviews. You can't just take a holiday for 2 years. By the way, you paid for the above yourself, directly from your payslip.
As for "50% indefinitely", this is state wellfare. Which is absolute hell. You don't easily qualify for it and you're even more pressurized to find a job, any job. You'll be closely monitored and you can't own anything of any worth. So if you were a highroller owning assets before, get ready to be stripped naked. Next, you'll have the social stigma of being a leech. Have this on your resume, and its goodbye career.
I'm honestly pissed about the inaccuracy of the poster.
So you can just retire after being fired?
> In Europe, the money I make is money I get to really use, because the rest is taken care of for me.
That's certainly not universally true in Europe.
Not in my country (in Europe). You get unemployment benefits for 2+ years that is a percentage of your salary up to a certain level. The maximum you can get is around $40k USD, which can be difficult because you probably have a mortgage and other expenses that were calibrated to a much higher salary.
You are also required to actively apply for jobs, and you may be required to take a job application course. I think you can even be assigned to a job interview if you delay. It is not intended as a "free" paid vacation. I think that even in some cases you are theoretically required to take any job anywhere in the country even if you have to move, but I haven't heard of anyone who had to do that. I assume they look at your social situation (family etc.)
After 2 years you are placed into a different type of program where you don't get a fixed amount, but you get money according to what the local government decides you need. That means you would need to sell your big house and move to a cheaper appartement if you want to get any support. If you had any savings, you would probably have to spend them before getting any assistance.
No, definitely not in "Europe" in general (well, according to sweaty you can in some parts of Europe, although I have my doubts).
Very rich people and large companies, generally.
I support a modest minimum income provided by the government, but 50% of salary indefinitely is insane, it only makes sense if everyone is low paid.
I still feel like I must be misinterpreting something here, because I can't imagine even the leftiest of leftists thinking this sounds fair. That's basically just UBI except the rate is set for each individual based on whatever the high-water mark of their lifetime earnings were at any point?
But this is not paid by the company, right? Where in Europe do companies have to pay you 6 months for firing you?
That's not true, there are minimum periods for which you must continue to pay the employee after notice their contract will be terminated, but I'd be surprised to learn of any country where it's illegal to prevent the employee having access to the building, confidential documents, etc.
Cf. 'gardening leave'.
And I'd surprised if there were many countries where you couldn't prevent an employee who had been notified they were being let go from having access to systems, documents, etc.
Edit: I'm not comparing current situation to pandemic. I am trying to make a point referring to a past event.
In australia you cannot hire for a redundant role for I believe 9 months? If you do you must rehire the people made redundant or face big fines.
Its actually great, skilled people can choose their priorities and how they want to setup their lives and career (stupid immigration policies and bad stuff coming out of it notwithstanding).
I prefer something in between - ie Switzerland. Salaries higher, taxation lower, some middle ground on social security - ie easy to fire people, usual 3 months notice by law, but social system will give you 70% of your salary (up to an OK limit) for first year, you just need to keep doing the job hunt. It means you are not shit-scared if you take a mortgage for example, you don't need to have such a massive reserve like in US. And of course top of the world healthcare that cost very little (sickness, accidents are 0 if you work/retired) and cca free top notch education including best universities.
Just a few examples: Automotive manufacturers, Siemens, ASML, Several arms manufacturer, Airbus just to name a few.
In addition, at least where I am, there are a million small companies (a few hundred employees) who deliver to customers around the world and, I assume, at market prices.
It's a balance and probably one of the reasons we lost out on the digital race so far.
If it makes you feel better people in the US don’t have massive reserves either. They just gamble and hit up credit if things hit the fan, even at FAANG salaries.
At this point we have no idea what kind of severance package Twitter will be offering. I think it's likely that what you're saying is pretty much what they're going to wind up with - that is, Twitter will push them out the door, but with a check equivalent to something like 60 days of pay plus like continuation of benefits. Of course, I don't know this for sure, but neither do you, so there's no point in condemning or praising them yet.
Knee-capping the dynamism of youth is a current consensus of the European system.
Edit: Sorry, this refers to a comment further below: Also, comparing this to the pandemic is kinda crazy, isn't it? It's one thing to have a global scale event effecting the lives of billions and another of just buying a company for way tooo much because you wanted to make a dumb joke about smoking weed.
America truely is a heartless, dystopian society...