Finance and financial management · September 29, 2021 · 1 min read
Minimum wage increase from 1 January 2022
GROSS AND NET MINIMUM WAGE BY LEVEL OF WORK DIFFICULTY UNDER THE NEW RULES
From 1 January 2022, the gross minimum wage in Slovakia is going up again. This time by €23, so from 1 January 2022 the gross minimum wage will be €646 for the first level of work difficulty.
HOW MUCH MORE WILL EMPLOYEES ACTUALLY RECEIVE?
The net wage of an employee paid the minimum wage in 2021 is €508.45. From 1 January 2022 such an employee will be better off by a full €17.21, and their net minimum wage will be €525.65 (the calculation applies the non-taxable portion of the tax base, NČZD). We must not forget, however, that these amounts apply only to the first level of work difficulty.
Along with the minimum wage, the non-taxable portion of the tax base per taxpayer (NČZD) is also going up, from the current €375.95 (valid for 2021) to €381.61 (valid from 1 January 2022), an increase of €5.66.
Besides the minimum wage, the increase will also affect the subsistence minimum, which will, for example, reduce the maximum mortgage instalment allowed when applying for a new mortgage. For the period from 1 July 2021 to 30 June 2022, the subsistence minimum for an adult is €218.06.
MONTHLY AND HOURLY MINIMUM WAGE BY LEVEL OF WORK DIFFICULTY:
Level of work difficulty | Minimum wage coefficient | Gross minimum wage in 2022 | Minimum hourly wage in 2022 (40-hour working week) |
1 | 1.0 | €646 | €3.713 |
2 | 1.2 | €762 | €4.379 |
3 | 1.4 | €878 | €5.046 |
4 | 1.6 | €994 | €5.713 |
5 | 1.8 | €1,110 | €6.379 |
6 | 2.0 | €1,226 | €7.046 |
(Source: www.podnikajte.sk)
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