The lowest minimum wage in the EU is in Bulgaria, the highest – in Luxembourg – Novinite.com

From July 1, 2022, minimum Salary The levels vary greatly between the member states of the European Union. The difference between the highest minimum Salary registered in Luxembourg (2,313 euros), and the lowest – in Bulgaria (363 euros) is 6.4 times. This is indicated by the latest data from the European statistics agency Eurostat, published today on its website, BTA reports.

minimum Wages are imposed through legal acts, often after consultation with the social partners, or directly through a national intersectoral agreement.

That minimum Salary in Bulgaria from April 1 710 BGN. The social partners agreed on this in March at an extraordinary meeting of the National Council for Tripartite Cooperation (NCTC). The previous level of minimum Salary fixed on 1 January 2021 was BGN 650 (€332), according to the National Social Security Institute.

The compound annual growth rate of minimum Between January 2012 and January 2022, wages were highest in Romania (+12.6 percent), followed by Lithuania (+12.1 percent). Bulgaria (+9.4 percent). The lowest average annual growth rates were recorded in France and Malta (both +1.4 percent), followed by the Netherlands (+1.9 percent).

From July 1st, 21st of 27th EU Member States have introduced a national minimum Salary. The countries without one are Denmark, Italy, Cyprus, Austria, Finland and Sweden.

The National minimum Salary The rates reported according to the Eurostat methodology at the end of each semester are presented as monthly gross income indicators, ie before deduction of income taxes and social security contributions payable by the employee. These deductions vary from state to state.

Because of these differences, and for the purpose of a more accurate comparison, the statistics also take into account the minimum wages of EU Countries expressed in purchasing power parities (PPPs) for household final consumption expenditure, which express how many currency units a certain quantity of goods and services costs in different countries, and eliminate the effects of differences in price levels between countries due to exchange rate fluctuations exchange rates of their currencies.

This adjustment reduces differences between countries by comparing Purchasing Power Standards (PPS). When comparing the minimum Wages expressed in PPP, the country with the lowest level of the indicator is Latvia – 630 euros. Bulgaria ranks second among the countries with the lowest minimum Salary, expressed in PPP, with 653 euros. Luxembourg remains with the highest indicator (1747 euros).

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