Statutory minimum wages, increases seen in Member States in 2022 likely insufficient to make up for inflation, says Eurofound

20/01/2023 (Agence Europe) – “Despite nominal increases in statutory minimum wages reaching an all-time high between January 2022 and January 2023, minimum wage workers in most EU countries are seeing their purchasing power decline or just about compensated”, Eurofound said on Friday 20 January. “With inflation expected to persist, a further depreciation of minimum wages in real terms can be expected in most Member States, as only a few foresee additional increases during the rest of 2023.” Nominal rates have increased more than 20% in Germany and Latvia, and over 5% in France, Luxembourg and Malta. “Inflation data available now indicates that minimum wage earners in just a few countries will feel tangible increases in purchasing power”, adds Eurofound. Link to the study: https://aeur.eu/f/500 (SP)