Minimum wage increase is the highest in 17 years

The central bank warns of the potential negative effects of the increase passed by the government.

The government meets in Bratislava on October 2, 2019The government meets in Bratislava on October 2, 2019 (Source: TASR)

Tens of thousands of people working in Slovakia for the lowest salaries will improve their income by €60 in 2020.

The government decided to hike the minimum wage on October 2.

The minimum monthly wage will increase from today's €520 to €580 as of January 2020. The lowest hourly earnings will, therefore, rise from the current €2.989 gross to €3.333 gross, the SITA newswire reported.

Related articleNo compromise made on minimum wage. Labour Minister will submit his own proposal Read more 

In addition, the net income of employees receiving minimum wage will go up by €46,39 to €476,39.

The Labour Ministry estimated the number of employees whose salary is to increase, totally or partially, at about 191,000, SITA reported.

The rise in next year's minimum wage is possible not only due to a €60 increase in gross salary but also for an increase in the non-taxable portion of the tax base for 2020 from 19.2 times to 21 times the subsistence minimum, which was recently approved by the parliament.

Less developed regions in peril

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Get daily Slovak news directly to your inbox

Top stories

Investors pursued projects and transactions despite the virus

Investors pursued projects and transactions despite the virus. Check out the 2020 investment highlights from Slovakia.

The visualisation of new Istropolis building

Better times ahead for the Calvary in Bratislava

The last preserved station was restored this summer.

The last preserved station of the Stations of the Cross in Bratislava

Why you need to buy a belt

On this Black Friday, with society teetering on the brink of chaos, I ask that we all do our part.

Virtual school and children's well-being

11 tips how to help children thrive during the pandemic.