A year ago I wrote an article covering minimum wages in the Baltic States. In that article, I found that minimum wages for 2013/2014 were at EUR 330 in Estonia, EUR 320 in Latvia and EUR 290 in Lithuania.
Now - 2015 will be a special year - starting 2015 all three Baltic countries will have Euro as currency, Lithuania will adopt Euro starting January 1st.
There is other good news as well - the minimum wages are to be increased in all three Baltic States in 2015: in Latvia – from EUR 320 to EUR 360, in Lithuania – from EUR 290 to EUR 300, in Estonia – from EUR 355 to EUR 390.
- The minimum salary would if the idea is approved by the government and Parliament and the next elected government and Parliament in 2015, increase to 390 EUR gross per month next year, which would grow to 470 EUR's at the beginning of 2016 and 560 EUR a year later. It would then grow to 670 EUR in 2018, and reach 800 EUR by January 1, 2019.
- The minimum wage, usually changed after an agreement with an employee and employer-union representatives, was 120 EUR in 2002, showing double-digit growth each year until 2008, when it was frozen at 278.02 EUR for four years.
- The minimum wage will be raised from EUR 320 to EUR 360 in 2015, according to amendments to the Law on Minimum Monthly Wage and Minimum Hourly Wage approved by Latvian government.
- The minimum hourly wage will also be increased from EUR 1.933 per hour to EUR 2.166 per hour.
- The new amendments will come into force on January 1, 2015.
- The government of Lithuania has decided to increase the minimum monthly wage to LTL 1,035 (EUR 300) and the minimum hourly wage to LTL 6.27 (EUR 1.82) from 1 October 2014.
- Based on preliminary estimates, the state and local governments' budgets will need around LTL 5 million (EUR 1.45 million) (including social security contributions) from October to December 2014 to cover the increased labour costs. In 2015, the budgets will additionally need over LTL 20.4 million (EUR 5.9 million).