AVERAGE MONTHLY WAGE FOR 2023: THE RESULTS AND THEIR IMPACT ON 2025

The Statistical Office of the Slovak Republic (Štatistický úrad SR) has published data on the average monthly wage of an employee for 2023. In this article, you will find out what it amounts to, in which sectors and regions employees earn the most, and how these figures will affect various parameters in 2025.

AVERAGE MONTHLY WAGE OF AN EMPLOYEE FOR 2023

On 4 March 2024, the Statistical Office of the Slovak Republic published the average monthly wage of an employee in the Slovak economy for 2023. The average monthly wage reached €1,430, which represents a year-on-year increase of 9.7% on the previous figure of €1,304 in 2022.

The average wage in Slovakia grew at its fastest pace in the last 19 years, which, together with falling inflation, halted a decline in real wages that had lasted almost two years. At the end of 2023, the real wage rose by almost 4%, although for the year as a whole it fell by 0.7%.

AVERAGE MONTHLY WAGE BY SECTOR

Average earnings rose in nominal terms in all 19 monitored sectors of the economy. Nevertheless, ten of them failed to outpace inflation. The largest fall in real wages was recorded by workers in arts, entertainment and recreation (by 3.6%), while the largest increase in real wages was in real estate activities (by 3.2%). Industry, as the largest employer, reported year-on-year wage growth of 10.1% to €1,511, but real wages fell slightly, by 0.4%.

AVERAGE MONTHLY WAGE BY REGION

In 2023, the average wage was above the national average only in the Bratislava Region (€1,751). Average gross earnings rose year on year in all eight regions. The regions with an average wage above €1,300 were the Bratislava, Trnava, Trenčín and Košice Regions. The Prešov Region remains the region with the lowest average wage (€1,111). Real wages fell in seven regions, most of all in the Košice Region (by 2.6%), and only in the Nitra Region did the real wage remain unchanged.

IMPACT OF THE AVERAGE WAGE ON 2025

The average monthly wage affects various parameters in social and health insurance, including the minimum and maximum assessment bases and sickness benefits. Self-employed persons (SZČO) should expect their minimum contributions to rise, as the minimum assessment base is calculated as 50% of the average monthly wage.

For 2025, the minimum assessment base will rise to €715, which means that the minimum contributions to the Social Insurance Agency (Sociálna poisťovňa) will be €237.02 (33.15% of €715) and to the health insurance company €107.25 (15% of €715). In total, the minimum monthly contributions of a self-employed person will reach €344.27.

The maximum assessment base for social insurance is calculated as 7 times the average monthly wage, which for 2025 means €10,010 per month (7 x €1,430).

IMPACT ON THE MINIMUM WAGE

Last year’s average wage may also affect the level of the minimum wage for 2025. Under the current rules, it is determined as 57% of the average monthly wage of an employee for 2023, which would mean €816. However, a proposal to raise this percentage to 60% is going through the legislative process, which would mean a minimum wage of €858. It is therefore not possible to say with certainty what the exact minimum wage for 2025 will be.

CONCLUSION

Knowing the average monthly wage and its impact is key to sound financial planning, whether it concerns social and health insurance contributions or the minimum wage. For further information and specific advice, contact the experts at our accounting firm.