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Minimum wage hike will cost SMEs EUR 3.84 bln next year

Polish medium-sized companies (SMEs) are facing an additional burden from a minimum wage hike, seen at PLN 18.16 billion (EUR 3.84 billion) next year, according to the rationale to a government regulation.

Poland’s minimum wage will rise by 15.9 percent in January 2023, but total growth will ultimately reach 19.6 percent after a second increase in July, the government announced on Tuesday.

For large companies, the minimum wage increase will mean PLN 3.77 billion (EUR 0.80 billion) in additional spending.

Thanks to the raise, households will enjoy a total of PLN 15.66 billion (EUR 3.32 billion) of additional income next year.

From January, the minimum wage will go up to PLN 3,490 (EUR 741) from PLN 3,010 (EUR 640). The July increase will bring the wage further up to PLN 3,600 (765 EUR). The minimum hourly wage will increase to PLN 22.80 (EUR 4.84) in January 2023 and PLN 23.50 (EUR 4.99) from July. The current minimum hourly rate is PLN 19.70 (EUR 4.19). 

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