For the first time in the country’s history, the minimum wage in Slovakia is set to exceed 500 euros. According to a decree signed by Prime Minister Peter Pellegrini on Monday, Slovakia’s minimum wage will increase by more than 8% next year, from 480 euros today to 520 euros.
Quoted by the TASR news agency, M. Pellegrini said that “with this step, we will continue the dynamic increase in the minimum wage, with the aim of raising it so that it will amount to at least 60% of the average wage of the national economy”. Due to a thriving economy and optimistic growth forecasts, the government announced it was also ready to continue negotiations for future minimum wage hikes with social partners.
As of this year, the minimum wage in Central European countries and Visegrad Group members are among the lowest in Europe, and none of them exceeds 500 euros. In September, the Polish government also announced a 7% increase of the minimum wage, bringing it to 2.250 PLN next year (approximately 520 euros). The Czech Republic‘s Ministry of Labour and Social Affairs is also drafting a decree to increase the minimum wage by 12%, which would bring it to 13.700 CZK (around 540 euros). However, negotiations between the government, labour unions and business federations are still under way, and the final increase is expected to be slightly lower.
The map below shows the minimum wage in European Union countries in purchasing power standards (taking into account the cost of living).