The minimum cost of living data comes from a study, conducted by the Institute for Economic Research (IER). The results are presented in the final analysis. Why is it important to calculate the minimum amount needed for living? What are the long-term and short-term minimum costs? What do they mean in particular?
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What is the minimum cost of living?
The IER published a final report on minimum living cots in Slovenia. They calculated the costs in October 2022. The new minimum cost of living estimate is €669.82 per month. This is 9,2% more than the minimum in 2017. That is when IER last calculated the the living costs. To clarify, we are talking about long-term amount here. The short-term minimum is €488.58 per month. This number is 10.6% higher than in 2017.
The basis for minimum wage
The data on long-term living costs determines the minimum wage. The Minimum Wage Act (ZMinP) specifies that the minimal wage is at least 120% of the minimum living cost. However, it cannot be higher than 140% of the minimum costs. The gross minimum wage for 2023 is €1203.36. The net amount is therefore €878.48. In this case the wage is 131% of the minimum cost.
Short-term minimum living cost
The study of minimum living costs also provided data on short-term living costs. The Social Security Benefits Act (ZSVarPre) states that this amount in particular is important. It determins the amount of basic minimum income (OZMD). The amount of financial social assistance equals the short-term minimum cost of living. This amount went up by 10.3% in March. Namely from €421.89 to €465.34.
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