The minimum wage in Slovakia will be set according to new rules. On Thursday, Slovak President Ivan Gasparovic signed a draft amendment to the law on minimum wage. In the event that social partners fail to reach a consensus on minimum wage growth during their tripartite negotiations, minimum wage will be increased by the growth rate of the average monthly nominal wage in Slovakia every year as of January 1. In line with the new law, minimum wage should increase according to the new mechanism for the first time as of January 1, 2009. Minimum wage, which was increased to SKK 8,100 in early October of this year, will thus be valid until the end of next year.
The president also signed a draft amendment to the home savings law, which will enable legal entities to receive housing loans at lower than 50-percent deposit. Finally, the president signed the new insurance law, a draft amendment to the law on electronic communications, and a revision to the Commercial Code.
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