Economy

Premier: Minimum Wage in 2024 to Amount to €750 per Month

Caretaker Prime Minister Ludovit Odor at the Economic and Social Council in Bratislava on August 21, 2023.

Bratislava, August 21 (TASR) - At a meeting of the Economic and Social Council on Monday, representatives of employers and employees agreed to set the amount of the monthly minimum wage for 2024 at €750, caretaker Prime Minister Ludovit Odor told a press conference on the same day.
"It is not usual in Slovakia, and certainly not recently, for a constructive discussion to take place and a compromise to be found, even if each side is dissatisfied in its own way. The trade unions would like higher salaries for their employees, and entrepreneurs must protect their competitiveness," said Odor, noting that he was glad that an agreement was reached.
In connection with the agreement between employers and employees, Labour, Social Affairs and Family Minister Sona Gaborcakova pointed out that no party is 100 percent happy with the agreement. Salary negotiations should be based on data and not emotions. "I'm glad that the Sector Council Alliance will be headed by representatives of both parties and we can rely on this data in the future," said Gaborcakova.
The Association of Employers Unions (AZZZ) and the Confederation of Trade Unions (KOZ) didn't agree on the minimum wage for 2024 in July. The social partners had an opportunity to negotiate the minimum wage within the tripartite until the end of August.
If no decision is made in favour of any of the parties during tripartite negotiations, the minimum wage is set automatically. An automaton determines the minimum wage as 57 percent of the average salary two years ago. The current agreement goes beyond what the law states, as the amount of €750 is €6 more than the figure that would be generated by the automaton.

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