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February 21, 2018

Bulgaria is EU leader in growth of the minimum wage after 2010

Minimum wage growthBulgaria is leader in growth of minimum wage for the period 2010-2018, but still remains the poorest country in the EU. According to the European foundation Eurofound, the minimal wage in Bulgaria rose by 83.6% for the last seven years, but also calculating the projected growth in 2018, it will be 112.5%. Despite of this fact, the minimal wage in the country remains lowest in the EU at level of 260.73 EUR, foillowed by Romania with 321.17 EUR (projected to grow to 409 EUR in 2018).

The Bulgarian government approved the framework of the Budget 2018, which has planned incomes of 21.04 billion BGN (10.8 billion EUR) and projected minimal wage growth to 510 BGN (262 EUR).

The Eurofound data show that Romania is the second largest with a minimum wage growth of 79.1%. Only these two member states succeeded to raise so significantly the minimum wage, and the reason in the big poverty across this region.

Except Bulgarian and Romania, minimum wage growth in last seven years was also reported in Hungary (50.1%), Estonia (42.9%), Lithuania (39.0%), Poland (38.3%), Slovakia (29.3%), Latvia (26.8%), Czech Republic (24.6%) and Slovenia (23.5%).

In four EU countries there is a decrease. In Greece, against the backdrop of the financial crisis in the country, the minimum wage has shrunk by nearly a quarter (-24.3%) between 2010 and 2017. There are still falls in Belgium, Malta and the Netherlands, but it is below 5%.

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About Silvia Hristova

My name is Silvia Hristova. I am 44 year-old woman from Varna, Bulgaria, working as author and analyzes contributor of Economics Gazette Journal. I graduated in University of Economics in Varna and have long experience, as finance and business analyst in local investment funds and banks. Also has long time experience as freelance economy and finance journalist.