Minimum Wage Increased More Than Inflation in the Previous Year 2023

"This is the highest increase in the last 25 years. The most significant rise was 9.4 percent among public servants," said Tobias Thomas, Director General of Statistics Austria, on Wednesday.

Significant Increase in Minimum Wage for Public Servants

The increase for employees was 8.4 percent, and for workers, it was 8.3 percent. At the industry level, the minimum wages over the past two years with high inflation increased the most on average in mining and quarrying (18.1 percent), in public administration, defense; social security and in real estate (each 17.8 percent). The lowest increase rate was in the manufacturing of goods (15.5 percent) and in arts, entertainment, and recreation (15.6 percent).

"Since the turn of the millennium, the minimum wages in Austria have, with few exceptions, increased more significantly year after year than the inflation of the previous year. Thus, there was usually a real wage gain," Thomas explained according to the announcement. The highest real wage increase, according to Statistics Austria, was in 2000, where the TLI grew by 1.5 percentage points more than the CPI in the previous year. However, in 2023, the high inflation could not be completely compensated, here the TLI was 0.9 percentage points below the CPI, which meant a quite significant real wage loss, it continued.

(APA/Red)

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