Salaries in Slovakia: How much do Slovaks earn and what do they spend the most on?
Not long ago, Slovakia was hit by the pandemic, causing the economy to freeze and leading to layoffs. Fortunately, the situation has changed, and wages are starting to slowly rise. How much do Slovaks earn? And can they save from their salaries?
End of the pandemic, beginning of wage growth
After the COVID-19 pandemic, there was a gradual increase in wages in Slovakia, supported by economic recovery and increased demand for labor in various sectors. The year 2022 was particularly interesting in this regard, as it saw a significant wage increase. Inflation and rising living costs forced companies to raise salaries to retain their workforce. In the first quarter of 2023, the positive trend continued, and after considering the inflation rate, the real wage in the first quarter of 2024 increased by 5.6%. Currently, it stands at 1,447 euros, with the growth rate being the third fastest in the last 15 years. The highest wages in Slovakia are in the following sectors: information technology, financial services, pharmaceuticals, energy, and telecommunications. The lowest earnings are in hospitality services, retail, social services, agriculture, and administration.
Significant regional differences
Despite these positive trends, there are still regional differences affecting the average wage in various areas of Slovakia. The highest average wages are in the Bratislava region, a result of the concentration of companies and large administrative centers. On the contrary, wages are significantly lower in eastern Slovakia, especially in the Prešov and Košice regions. Central Slovakia lies somewhere between these extremes.
60% of salary consumed by basic needs
According to the latest data from the Statistical Office of the Slovak Republic, the average household in Slovakia spends about 60-75% of its income on basic needs. Noteworthy is the expensive housing. According to data from Startitup, Slovaks need up to 14 gross annual salaries to buy a new apartment, the most among all European countries. Only two-thirds of Slovaks can afford a summer vacation, and every 14th Slovak has to borrow money for it.
