site.btaTalks on Determining Appropriate Minimum Wage Are Due Later This Week - Labour Minister
Speaking during a Council of the Ministers sitting on Wednesday, Minister of Labour and Social Policy Nataliya Efremova said that later this week, talks on the formula for determining the most appropriate minimum wage are due to take place. During the discussions, the procedure for setting the minimum wage must be clarified. Participants will also discuss what data is required to form the basis for developing specific indicators for the criteria, as well as the specific formula and mechanism
Efremova said: "The criteria set out in the discussions and on which we reached agreement are those described in the Directive on adequate minimum wages – the purchasing power of statutory minimum wages, taking into account the cost of living, the general level of wages and their distribution, the rate of wage growth, and the long-term levels and trends in national productivity."
The Minister noted that Tuesday's meeting between the government, unions and employers reached an agreement that a new mechanism will be set in place in 2027 for calculating the minimum wage. She added: "The topic of the minimum wage is important, but it is inextricably linked to other overarching objectives that we have discussed with the social partners – namely, that we must work together to improve people's skills, productivity and the added value that each of us can contribute, in order to achieve a prosperous economy."
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