BUSINESS IN SHORT

Minimum monthly wage up 7.95 %

THE MINIMUM monthly wage in Slovakia will go up from €352 in 2014 to €380 (€2.184 per hour) in 2015, which represents an increase of €28 or 7.95 percent. The cabinet approved the increase on October 14 after the tripartite consisting of representatives of the government, employers and trade unions had failed to reach a consensus on the matter.

THE MINIMUM monthly wage in Slovakia will go up from €352 in 2014 to €380 (€2.184 per hour) in 2015, which represents an increase of €28 or 7.95 percent. The cabinet approved the increase on October 14 after the tripartite consisting of representatives of the government, employers and trade unions had failed to reach a consensus on the matter.

By the more significant increase of the minimum wage the cabinet wants to secure a higher monthly income than the poverty threshold, which is a level of income set at 60 percent of the median household income. The poverty threshold in 2013 was €337 per month, according to data from the Slovak Statistics Office.

Prime Minister Robert Fico marked the minimum wage increase as one of the fulfilled measures from the package of 15 positive social measures his cabinet has proposed.

As he said after the cabinet session, it is the duty of the cabinet, after hard consolidation, to arrive at measures that increase standards of living.

“We will constantly create pressure on increasing the minimum wage,” said Fico as cited by the SITA newswire. “It must be more worthwhile for people to work than to sit at home and take social benefits.”

Representatives of employers have been against such a high increase from the very beginning, claiming that the increase of labour costs that the minimum wage increase will bring may negatively affect the competitiveness of Slovakia’s industry.

PM Fico, who said that the minimum wage is for them a holy thing, responded that the cabinet offers to employers as compensation a mechanism of reduction of health insurance contributions.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Coalition demands the right of reply for politicians

Politicians ponder new provisions for the Press Code, Speaker of Parliament Danko wants to defend himself against op-eds too.

The ruling coalition (L-R: SNS-Andrej Danko, Smer-Robert Fico. Most-Híd-Béla Bugár).

Maya expert: The world we live in is not the only one possible

Leading Slovak expert contributes to rewriting Maya history.

Milan Kováč

Theresa May at least has the courage to try

May keeps her job because nobody else is capable, or willing, to take on the impossible task of Brexit.

Theresa May

Slovakia faces an important vote: How will the country look in the next 12 years?

The quality of the Constitutional Court, the last instance of defence of constitutionality in the country, depends on its 13 judges.

Constitutional Court