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Firms continue to increase wages

Wages in 2017 increased by 3.9 percent; next year they should hike by 3.4 percent

Illustrative stock photo(Source: Sme)

Companies are active in Slovakia’s plan to increase basic wages by 3.4 percent in 2018. This will be below the wage rise of 3.9 percent registered in 2017. The latter was originally projected at 3.5 percent. This stems from the latest PayWell 2017 study by PwC Slovakia. A total of 300 companies from 17 sectors participated in the survey.

Dynamic development is especially being registered in the manufacturing sector.

“The average aggregate income of an operator increased by 9.5 percent, compared with the increase of 5.3 percent between years 2015 and 2016,” PwC writes in its press release, as cited by the SITA newswire.

The study shows that companies are increasingly focusing their attention on revising their remuneration schemes with respect to the announced arrival of several investors, especially in the manufacturing sector. Their priority is to maintain the competitiveness of their remuneration and not only keep their current employees but also obtain news ones.

“Employers are especially facing new HR challenges in western Slovakia, where the jobless rate is relatively low and free qualified labour is lacking,” writes PwC.

PwC has also registered the increased attention companies pay to their benefit systems while almost one quarter of them are planning to introduce new benefits. Most of them want to introduce the cafeteria system, support travelling, sport and culture as well as supplementary pension savings.

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Topic: Economics


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