Executive summary 1

Introduction 3

1. Minimum wages in 2024: Rates and developments since 2020 5
Gross national minimum wages 5
Recent trends in collectively agreed minimum wages 12
Net values of minimum wages in 2023 15

2. Minimum wage earners: Financial difficulties and impact of the cost-of-living crisis 19
Difficulties in making ends meet among single-person households 19
Early impact of the cost-of-living crisis among minimum wage earners 21

3. Minimum wage setting for 2024 27
Changes to the regulation of minimum wages 27
Process of minimum wage setting for 2024 28
Criteria guiding the setting of the 2024 rates 32
Debated changes to aspects of minimum wage setting 41
Other debates related to minimum wage policies 44

4. Influence of EU policy on national minimum wage setting 47
General questions regarding applicability 47
(Re)defining the criteria guiding minimum wage setting 48
Involvement of consultative bodies and social partners 50
Promoting collective bargaining coverage 55
Changes regarding further articles 59

5. Latest research on minimum wages in the EU and Norway 61
Employment effects and impacts on wages, working hours and productivity 62
Social outcomes 63
National minimum wages and collective bargaining 64
Inflationary developments and wage–price spirals 65
Minimum wages in the political debate 65
Non-compliance and enforcement 66

6. Conclusions 67

References 69

Annexes 75
Annex 1: Supplementary material 75
Annex 2: Network of Eurofound Correspondents 85