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Tuesday, May 28, 2024

Record increase in wages in 2024 – impact on the economy

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The increase in the minimum wage and average wage is obviously making employees happy. However, employers express concern about the scale of these increases. The cost of doing business in Poland has increased, which may bring negative consequences, including the transfer of foreign investments from Poland to other countries.

As reported by the Central Statistical Office (GUS) on Monday, the average monthly gross salary in the enterprise sector in March 2024 increased by 12%. year to year and amounted to 8 thousand. PLN 409 gross.

– It would be much better news if we talked about employment growth or retention planned group layoffs. This is the time in the economy to stabilize inflation, price increases, but also employee costs, and not to break records in the national average and the minimum wage – says Hanna Mojsiuk, president of the Northern Chamber of Commerce in Szczecin.

Read also: Collective layoffs in Poland. The ministry will release additional money

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Wage increase in Poland. Impact on the labor market

The president of the Northern Chamber of Commerce admits that entrepreneurs are worried not only about the increase in the national average, but also the minimum wage. As of January 1, 2024, it increased to PLN 4,242 gross.

– Joy of the national average in the enterprise sector it's an ambiguous feeling. We have a very volatile labor market. Many sectors of the economy, especially industry and IT, are breathing very little. We see that unemployment is not increasing and we still have it employee marketbut a disturbing specter still hangs over us collective layoffs – says Hanna Mojsiuk.

He adds that generating higher employee costs currently causes more concern in companies than a year ago.

Read also: The giant is closing its factory in Poland. There is an agreement on severance pay

The specter of collective layoffs and the loss of foreign investors

Labor market experts associated with the Northern Chamber of Commerce in Szczecin fear that Poland will lose its attractiveness in the eyes of foreign investors.

– The galloping increase in the costs of doing business in Poland, caused by, among others, rising labor costs, poses a significant threat to the continuity of running companies and the attractiveness of Poland as a target country for investment – says Maria Skowrońska, operational manager of LSJ HR Group.

He adds that the dynamic increase in the minimum wage over the last eight years has not remained indifferent.

– The recent wave of collective layoffs and announcements of production relocation to countries such as Turkey or Romania should raise a warning light – says Maria Skowrońska.

Read also: Latest salary data. “Strong growth”

Main photo source: Shutterstock

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