The minimum monthly wage (MMW) in Lithuania could increase by 13.4% or 113 euros to 952.84 euros next year, the Bank of Lithuania has calculated. Recall that next year in Latvia the minimum wage should be 700 euros.
“If the decision had been taken here and now, we would not have seen serious risks, why it would not have been possible to take the decision to increase the MMW by the amount indicated in this calculation”, Aurelijus Dabušinskas, director of the Economic Department of the Bank of Lithuania, said Tuesday at a meeting of the Trilateral Council.
According to him, according to the March forecast of the Lithuanian Ministry of Finance on average wages (AWP), the MMW and AWP ratio in Lithuania this year should be 46.3%, although the target level for 2023 should have been 50. %, but temporarily from this formula can be deviated.
The Tripartite Council agreed that the MMW/SFP ratio should not be lower than 45% nor higher than 50% and should be in line with the average of the quarter of EU countries with the highest ratio of MMW and SFP at course of the last three years. years.
Meanwhile, Deputy Minister of Economy and Innovation Eva Valeshkaite noted that when determining the MMW, not only EU countries with the highest ratio of MMW and SFP, but also other Baltic countries should be considered.
According to Deputy Finance Minister Gediminas Norkunas, the 13.4% increase in MMW proposed by the Bank of Lithuania is significant and has not yet been considered by the government.
Currently, the MMZ is 840 euros, while in Latvia it is 620 euros.