Poland to Implement Dual Minimum Wage Hikes in 2024, Confirms Minister
Learn about Poland's strategic response to inflation as the Minister reveals plans for dual minimum wage increases in 2024. Discover how these adjustments aim to tackle rising living costs and stay updated on the government's efforts ahead of the upcoming parliamentary election.
In a bid to address the surging inflation and assist individuals in coping with rising living costs, Minister Marlena Malag of Family and Social Policy revealed that Poland has devised plans to increase the minimum wage twice in 2024. This strategic move comes as the ruling Law and Justice (PiS) party gears up for an imminent parliamentary election slated for later this year.
With inflation reaching its highest point in over a quarter of a century in February, soaring at a rate of 18.4% year on year, the cost of living has become an escalating concern. By April, inflation had settled at 14.7%.
According to the state-controlled news agency PAP, Malag stated, "The minimum wage will exceed 4,200 zlotys ($1,015) next year." Similar to the approach adopted in 2023, the minimum wage will witness incremental increments in 2024, with the first adjustment taking effect on January 1, followed by the second on July 1.
Advertisement
Previously, the minimum wage had been raised to 3,490 zlotys in January 2023, and it is scheduled to undergo another increase to 3,600 zlotys starting in July.
Although the exact date for the election remains undetermined, it is anticipated to occur either in October or November.
(Note: Conversion rate: $1 = 4.1422 zlotys)
Also Read: U.S. Dollar Strengthens as Fitch Signals Possible Rating Downgrade, Sparking Default Concerns
