Wages in Slovakia will grow faster than inflation in 2024. Most employees got a raise last year. The highest gross wages were in the energy, telecommunications and information technology sectors (cca €2700), the lowest in gastro sector (cca €900). The difference in the salaries of Slovaks can be up to EUR 1 800 gross. Public administration and the real estate market recorded a decline in real wages.
The sector, which employs the most people in Slovakia thanks to foreign car companies, recorded the highest job growth in the last decade in 2024. But last year's wages pleased most Slovaks, says Ivan Chrapa of the statistics office. “The average wage in the last quarter of last year reached EUR 1 643. It increased by 4.7% year-on-year."
According to analyst Marek Nemky, the optimistic data of the statistical office on wage growth may cool down the comparison of Slovakia with its V4 neighbours. "Hungary has 300 euros higher wages in purchasing power parity, if we look at Poland, even 700 euros, if we look at the Czech Republic, 500 euros. Everybody else is slightly better off.“
Despite statistically positive progress, clients' bank accounts speak a different language. Continues Tomáš Barbarič, product manager of one of the commercial banks, "A quarter of people say they have no financial reserves, meaning they live de facto from paycheck to paycheck."
According to economists, it is not only the amount of gross wages that is decisive, but also the purchasing power parity, i.e. how much we can buy with our wages.
Source: Rastislav Dubovský, Slovenský rozhlas
