How Slovaks went from poor to richer (graph)

The minimum wage stands at €700 in 2023.

From 1993, when Slovakia was established, minimum wage legislation has been amended a number of times.

At first, it was the Czech and Slovak Federative Republic that set the minimum wage in a decree. From 1996, the new Minimum Wage Act was adopted. Four years later, the government announced that it would set and publish the minimum wage.

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Parliament adopted another Minimum Wage Act in 2007. It has been amended several times since. The law does not set the minimum wage, except for the years 2008 and 2011. From 2009 to 2020, the government decided on the minimum wage in its decrees.

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But from 2022, the minimum wage has been announced by the Labour Ministry.

€700 in 2023

For this year, the minimum wage is set at €700 following an agreement among employees, employers and the government.

If the partners cannot agree on the sum by July 15, it is set by the Economic and Social Council. The monthly minimum wage for the next year is calculated as follows: 57 percent of the average monthly nominal wage for the calendar year, which is two years before the calendar year for which the amount of the monthly minimum wage should be determined.

In 2023, it would have been €691.

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