Will Slovakia’s new minimum of €653 spark corporate exodus?

Companies in Slovakia will have to pay their employees a minimum wage of at least €653 per month within two years. Hospodářské noviny writes that this figure will be raised each year so that it reaches 60 percent of the average wage of Slovaks. The poorest paid Slovaks may be encouraged when they first hear the news, but only if they don't work for companies like the chemical producer Duslo which announced that it would stop investing into its development. HN spoke with the Czech company AŽD Praha, whose director Zdeněk Chrdle said "The production of some of our components for Slovak and foreign customers had to be transferred to Ukraine and to Bulgaria." Even Volkswagen voiced concerns. "Our goal is to continue to be a good employer. But the rising number of laws that increase labor costs isn't sustainable in the long-term."