This article reveals the Salary structure of medical doctors in Europe in the year 2020.
As a worker, be it government or private worker, it is important to know what makes up your salary at the end of the day but sadly, most people are too carried away to know what constitutes their salaries. Being a worker, you have to know that there are things that make up your monthly salaries, which brings us to “salary structure”.
WHAT IS SALARY STRUCTURE?
Salary Structure contains details of the salary being offered in terms of the breakdown of the various components that constitute the compensation.
Salary Structure is the set of parameters that define a salary. Two people can have the same salary but still get different amounts of money every month, this would happen when the salary structure is different.
It is very important information which determines the in-hand pay, gross salary, net salary, allowances etc. All these variables are paid to the employee as a part of his/her compensation and benefits. If an employee does not have details of the components, he/she can not calculate the in hand as well as savings part like employee Provident Fund.
COMPONENTS OF SALARY STRUCTURE
The usual components of salary structure include:
- Basic Salary: Basic salary forms the basis of the salary structure many times. Most of the components may be defined as the percentage of basic salary.
- House Rent Allowance: The HRA constitutes 40 to 50% of the basic salary.
- Special Allowances: Makes up for the remaining part of the salary, mostly smaller than the basic salary and completely taxable.
- Gratuity: It is basically an amount paid by the employer when the employee resigns from the organization or retires.
- Provident Fund: Fund collected during emergency or old age. 12% of the basic salary is automatically deducted and goes to the employee provident fund.
- Medical Allowance: The employer pays the employee for the medical expenditures incurred.
- Bonus: This is usually a once a year lump sum given to the employee based on the individuals as well as the organizational performance for the year.
These are most of the components which can be included in a typical salary structure but it may vary from company to company and in most cases, Public Institution workers tend to enjoy most of these components than private-sector employees.
Every occupation/profession has its salary structure but this article will be centred on the salary structure of medical Doctors in major European countries.
The medical profession is regarded among the best and most profitable professions for all the right reasons. The pride of being a medical doctor is one of the thousand reasons students try their very best to get enrolled in medical school. No one says being a Medical doctor is easy.
The fact still remains that the journey to becoming a medical doctor is a long, tough, expensive and a rigorous one. Even with this in mind, thousands of students are still attracted to the profession due to its lucrative nature.
The profession is one of those few fields you are almost guaranteed a job immediately after school, with a mouth-watering basic salary and bonuses, but even within the industry, earnings can vary substantially from one speciality, organization to another.
This article is focusing on the salary structure of Doctors in Europe.
There are 44 European countries and record has it that Europe is the second continent that pays medical practitioners the highest worldwide, depending on the type of doctor.
TYPES OF MEDICAL DOCTORS
In the medical field, you’re either a general practitioner or a medical specialist and the latter earns more than the former.
A general practitioner is one who does not specialize in one particular area of medicine. They provide routine health care. They cater to both male and female patients, in all age groups. When a patient develops a serious condition, the general practitioner which is also called a generalist may refer a patient to a specialist.
Medical specialists are doctors who have completed advanced education and clinical training in a specific area of medicine. Examples of specialists are cardiologists, gastroenterologist, dermatologist, gynaecologists, general surgeon, urologist etc.
Knowing that doctors go through numerous years of expensive study and practice to become proficient in their profession, it is only fair for them, to earn a decent amount for all those years of struggle. In some countries, Doctors are paid exceptionally well.
With this in mind, below are lists of highest paying European Countries for Doctors.
This is the highest paying European country. They offer to pay high salaries, great working conditions, shorter work hours and to top it all, they have plenty of holidays. Netherlands has an impressive healthcare system. Each and every household in the Netherlands, have their own personal doctor. This is one of the reasons doctors actually enjoy working there.
Specialists in the Netherlands earn around $253,000 annually, while general practitioners make an average of $117,000 annually.
In Germany, specialists are paid $77,000 whereas general practitioners go home with approximately $69,000. Assistant Doctors in Germany are the job starters, with the highest salary accounting to $68,000 annually. This amount can further increase, with the help of professional development. As an assistant doctor, one learns the diagnostics and methods of his speciality. He treats patients independently, as well as under the supervision of the senior.
This country is a beautiful place but not so convenient as doctors work the longest hours, more than any country in Europe. An average of 51 hours per week has been recorded.
The taxes here are very high, making it all the more difficult to prosper. Specialists here make approximately $188,000 annually, while general practitioners take home an average of $61,000 annually. This is not such a profitable place for general practitioners
The North Atlantic Island stands at eighth position, in the list of highest paying countries for doctors. In Ireland, Specialists earn an average of $183,00, whereas general practitioners earn approximately $125,000 annually. Here the specialists conduct private and public work.
Based on the type and level of specialist, doctors could charge $200 – $300 or more for 15 – 20 minutes consultation. Hence the total amount of money that they earn is higher than the average amount.
5. UNITED KINGDOM
Sadly, doctors in the UK are often overworked and understaffed in hospitals. Specialists here make an average salary of $150,000 annually, whereas general practitioners make $120,000 roughly.
This country can definitely be a perfect place to live in as a doctor. With its beautiful cities, it pays its doctors really well.
In France, there is a pharmacy in almost every corner of the street. Specialists here earn approximately an average of $149,000 and GP`s roughly earn $60,000 annually.
Here, the standard of living is high. Good health and education make up Switzerland’s high standards of living. Doctors go home with good pay. Specialists earn an average annual salary of $130,000, whereas general practitioners make approximately $116,000 annually.
Denmark is officially known as the Kingdom of Denmark.. It is the only Scandinavian country to make it to the top ten list. The Danes actually pay General physicians more than the specialists.
Specialists earn an average of $91,000 annually, while general practitioners earn approximately $109,000 annually. The contrast in pay is actually surprising.
Sweden is a Scandinavian country with thousands of coastal islands and inland lakes. Specialists in this country earn around $76,000. General practitioners take home approximately $66,000.
A person working in Health and Medical in Sweden typically earns an average of 163,000 SEK per month and 1,950,000 SEK yearly. This average monthly salary includes housing, transportation and other benefits. Salaries vary drastically between different Health and Medical careers.
In Finland, specialists earn $74,000 annually, whereas general practitioners go home with a sum of $68,000. Hence, in Finland, a general practitioner earns less than half of what doctors earn in the US.
This is one of the most expensive European countries and ordinarily it is expected that the salary of medical personnel should be very high.
Doctors in Croatia earn an average of 62,300 HRK per month which is equivalent to $8,997 and an annual salary of 747,000 HRK which is about $107,830. Note that the average monthly covers all other benefits and allowance.
The Bottom line is, European countries are wonderful places to practise medicine due to the mouth-watering pay structure. However, the salary differs based on many factors such as type of Institution, gender etc.
N: B -The highest-paid medical doctors are heart specialists, gastroenterologists, neurosurgeons and radiologists.