Business & Economy News Slovakia

Slovakia: Minimum wage to increase by less than 4% next year

minimum-wage-slovakia-2022

Bratislava, Slovakia – The gross minimum wage in Slovakia will rise to €646 per month in 2022, Labour and Social Affairs Minister Milan Krajniak (Sme Rodina) said earlier this week, up from €623 today.

Minimum wage in Slovakia to reach €646 per month

The announcement comes after the end of the tripartite negotiations between the government, unions and employers, held every year to discuss the matter.

The latest increase respects the automaton set two years ago to keep the minimum wage level at 57% of the average salary.

Trade unions and employee representatives unsuccessfully asked to increase the level to 60% this year and bring Slovakia’s minimum wage to €680 as of next January.

This year’s 3.7% hike is much lower than previous years, when the minimum wage increased by 7.5%, 11.5% and 8% respectively.

Source: Eurostat

Wide differences across EU countries

Monthly minimum wages in EU member states range from €332 in Bulgaria to €2,202 in Luxembourg, while half a dozen countries do not have an official nationwide minimum wage (Denmark, Cyprus, Italy, Austria, Finland and Sweden).

Almost all Central and Eastern European states, with the exception of Slovenia, have a gross minimum wage inferior €750 per month.

With an average annual rate of change of 7% over the past decade, Slovakia recorded the fifth highest 10-year increase after Romania, Lithuania, Bulgaria and Estonia.

It is also the highest among Visegrad Group countries, compared to Poland (€619 per month), the Czech Republic (€596) and Hungary (€476, third lowest in the EU).

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