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Government increases minimum wage from €380 to €405 by 2016

THE MINIMUM wage in Slovakia will amount to €405 per month next year, as approved by the government on October 7.

(Source: Sme)

It will be increased from the €400 per month originally proposed by Labour, Social Affairs and the Family Minister Ján Richter. Employees earning the minimum wage will receive an extra €25 gross year-on-year in 2016.

“The government has approved the decision for the minimum wage to be increased in 2016 to €405 which represents €2.328 an hour,” Richter said, as quoted by the TASR newswire. “In percentage terms, this is an increase of 6.58 percent.”

The recommendations of international institutions state for the minimum wage to be at 60 percent of the average salary, according to Richter. It currently stands in Slovakia at around 50 percent – 45.53 percent in 2012, 45.9 percent in 2013, 46.04 percent in 2014 and 50.1 percent this year. The Minister calculated that the rate will be 51.03 percent next year, with an average monthly salary of €906.

“In this case, there is neither a winner, nor a loser,” Richter said. “It’s important that people who work for a minimum wage will actually feel the increase next year.”

When representatives of employers and employees were unable to agree on the minimum wage for 2016 at tripartite negotiations this week, the figure was set by the Labour Ministry. The Trade Union Confederation (KOZ) insisted that the minimum wage should be increased from the current €380 to €410; while the Republican Union of Employers (RÚZ) and Association of Employers Unions (AZZZ) proposed that there should be no increase.

Topic: Economics

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