In an attempt to ensure the protection of the real value of money in the long term, the political authorities in a country neighboring Romania increased the minimum wage per economy to an amount of over 700 euros. At the beginning of the year, the inhabitants of this state were on the 4th place of the lowest paid employees.
List of EU countries with the lowest salaries
At the beginning of 2023, no less than 13 member states of the European community presented minimum wages in the economy for their employees of less than 1,000 euros per month, according to the Statistical Office of the European Union, Eurostat. Romania is in third place in the list for that reason.
- Bulgaria (332 euros)
- Latvia (500 euros)
- Romania (515 euros)
- Hungary (542 euros)
- Croatia (624 euros)
- Slovakia (646 euros)
- Czech Republic (652 euros)
- Estonia (654 euro)
- Poland (655 euros)
- Lithuania (730 euros)
- Greece (774 euros)
- Malta (792 euros)
- Portugal (823 euros).
What is happening with the minimum wage in Romania?
According to the directives offered by the Economic and Social Council, the member countries of the European community must increase the minimum financial income of employees, in order to be able to face the crisis they are currently facing. And Romania will have to follow such an approach.
Dragoş Pîslaru, the negotiator on behalf of the European Parliament on the directive on the minimum wage for the economy, said two months ago that the target of the political authorities is to increase wage income by at least 500 lei. Thus, Romanians could collect a little over 2 thousand net monthly lei.
Hungary increases the minimum wage per economy to just over 700 euros
Meanwhile, the political authorities in Budapest are taking measures for their citizens so that they can enjoy an increasingly better life. Viktor Orban’s government has initiated discussions on reforming the wage system and protecting the real value of long-term incomes.
Following the political discussions, the authorities decided to increase the minimum wage in the economy by 15 percent, i.e. to just over 700 euros. Employees from the neighboring country will receive a monthly economy minimum wage of 709 euros. The income of those with higher education rises to 860 euros.
Read also: Employers don’t want to raise wages: “Where can we give them more money, if we don’t have it either”?
4-5% increase in the real value of wages for 2024
The Minister of Economic Development from Budapest, Marton Nagy, appealed to all companies to implement the new wage increases, in line with their financial and market position, after the finalization of the agreement between the Government, employers and employees, according to Agerpres.
“The government will continue to work to counterbalance the impact of the war and sanctions, in order to protect families, supporting the growth of the economy and increasing the competitiveness of the Hungarian business environment,” declared the Minister of Economic Development.
The official thanked everyone who participated in the discussions regarding the increase of the minimum wage in the economy, claiming that the objective for the year 2024 is a wage increase of 4-5% of the real value of monthly financial income.