A proposal to increase the minimum wage by 20 euros to 420 euros next year has reached Lithuania's Tripartite Council which is set to make the decision later.
© DELFI / Karolina Pansevič

The proposal was on Tuesday submitted by Gediminas Šimkus, head of the Bank of Lithuania's Economics and Financial Stability Service.

Artūras Černiauskas, chairman of the Council, representing employees, said on Tuesday discussions on the matter had been postponed until the next meeting.

The Tripartite Council decided last year that the minimum monthly wage should stand at 45-50 percent of the average salary, and the specific ratio should be equal to the average ratio of four EU member states with the largest ratios, but should not exceed the 45-50 limit.

Tomas Šiaudvytis, an economist of the Bank of Lithunia, told the Council's meeting that the minimum monthly wage, based on this formula, could stand at 47.3 percent of the average salary.

The expert also said the central bank is worried by a fast wage growth. Based on its estimates, wages should grow 6.7 percent this year and 6 percent next year.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Lithuanian bread is tasted worldwide

One of the most popular Lithuanian bakeries „Vilniaus duona” is counting its stable export results...

New specialized fintech bank setting up in Lithuania

On Friday European Merchant UAB was granted the license issued by ECB, European Central Bank through...

Lithuanian start-ups attracted EUR 70 million in investments in 2018, further breakthrough will be determined by environment improvement

In 2018, the Lithuanian startup community achieved the record-breaking results, i.e. attracted EUR 70...

Vitas Vasiliauskas: the matter of income inequality will become only more acute next year

The cabinet’s tax and public sector policy is not contributing to resolving income inequality...

CityBee is set to join European car-sharing leaders with a 110 mln EUR investment in major fleet upgrade

CityBee Solutions, which operates car-sharing services in Lithuania and Poland, today announced an...