Wage increase in 2023 – what is the new minimum?

Wage increase in 2023 - what is the new minimum?

Do you want to open a business in Slovenia and want to know about the wage increase in 2023? Do you know what will be the new minimum wage? Usually, the minimum wage matches the minimum cost of living. Do you want to register a company in Slovenia, but want to know more about wages? You are on the right place. This article will explore the latest changes. If you have additional questions, do not hesitate to call us on +386 40 530 718 (Viber/WhatsApp) or send us an email at data@data.si.

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Wage increase – when will we know?

In essence, the official December figures of the Statistical Office of Slovenia determine the living costs and as a result the wage increase adjusts to that. In essence, this figure compares the increase  in consumer prices in December of the previous year to December of the year before. So, when will we know about the wage increase? Normally, we will find out in the first half of January.

The minimum wage must be in line with the Minimum Wage Act

The Minimum Wage Act (ZMinP) provides that the minimum wage needs to adjust to between 120% and 140% of the minimum costs of living. However, the increase must take into account the increase in consumer prices, wage developments, economic conditions and employment developments in the previous year. Besides that, the wage increase will also depend on the new income tax legislation. So, are you an entrepreneur and want to know which incomes are exempt from income tax? Do you find this helpful? Do you want to register a company in Slovenia? Just call us on +386 40 530 718 (Viber/WhatsApp)! Our experts will be happy to help you!

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How much will the minimum wage increase after the ministry’s announcement?

For comparison, in 2022, the minimum wage was €1,074.43 gross. This equates to €778 net for a single person. The Ministry predicts an increase of at least €100 net. As a result, this means that the net minimum wage in 2023 would be at least €878 net. The exact amount will have to wait a few days. You can check the net amount of your salary with our free online calculator.

Beyond wage increase!

Not only we will see wage increase in 2023, but so will the minimum gross hourly rate for temporary and casual work for school pupils, students and pensioners. Moreover, in February we expect a 4.9% increase in pensions, as well as in the personal allowance and disability allowances.

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Do you have a business idea? Want to register a company, but you don’t know anything about Slovenia? Don’t worry! DATA has a rich experience of 30 years! We help new and established entrepreneurs grow their businesses in Slovenia. Our experts offer quality business, accounting, and legal services! Just call us and start your registration process today! Last but not least, if you want to follow our work, please follow our Facebook and LinkedIn pages!

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