Business & Economy News Slovakia

Slovak government to increase minimum wage in 2021

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Bratislava, Slovakia – The Slovak government has submitted a bill to Parliament to increase the minimum wage to 623€ gross per month, up from the current 580€.

With this latest 7.5% rise, Slovakia’s hourly minimum wage would reach 3,58€ next year, compared to 3,33€ today.

Once approved by lawmakers and signed into law by the president, the new minimum wage, which would represent 57% of last year’s average wage, would come into force on January 1, 2021.

The hike was approved following negotiations between Labour Minister Milan Krajniak (Sme Rodina) and representatives of employers and trade unions at the end of August.

The bill drafted by the government also plans to introduce new rates for night and week-end working hours.

Slovakia had previously increased its gross minimum wage by 8% and 11.5% in 2019 and 2020, respectively, last year’s hike having been the biggest increase in the country in nearly two decades.

Despite recording among the strongest annual hikes since 2010, according to Eurostat, the Slovak minimum wage is still one of the lowest among EU member states (see graph below).

Across the EU, the minimum wage ranges from 312€ in Bulgaria to 2,142€ in Luxembourg as of July 2020.

Source: Eurostat

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