Bosnia doubles the minimum wage - The government has decided to increase the minimum income to 614 euros
The Federation of Bosnia and Herzegovina has announced an increase in the minimum wage to 613.6 euros from January 2025, aiming to improve living conditions and increase consumption. This decision also includes changes to the income tax law, which will ease the fiscal burden on low-wage workers.
The Federation of Bosnia and Herzegovina said it plans to raise the net minimum wage to 1,200 marks, or 613.6 euros, starting January 1, 2025. This is a significant increase from the current minimum, about 316 euros.
The government has emphasized efforts to reduce poverty and increase the purchasing power of workers, especially at a time when the cost of living has hit many sectors of the economy.
Parliament is expected to approve the decision after approving the newly proposed amendments to the unit income tax law, the Ministry of Development, Entrepreneurship and Crafts of the Federation announced in a press release.
In an effort to ease the financial impact, the Federation government has proposed some changes to the income tax law, which provides that compensation of up to 102 euros per month for employees will be exempt from taxes. This aims to support lower-wage workers, easing the fiscal burden and improving living standards for the most vulnerable sections of the population.
Economic experts hope that this step will bring about a sustainable increase in consumption and will encourage investments in sectors that depend on labor force, contributing to the further development of the country's economy.
At the beginning of 2024, Bosnia increased the final net salary to 316 euros, from 304 euros previously.
The Federation is one of the two autonomous entities that make up Bosnia and Herzegovina. The other entity is Republika Srpska.
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