Economic Milestone: North Macedonia’s Minimum Wage Takes a Substantial Leap in 2024

In a noteworthy development, the Minister of Economy of the Republic of North Macedonia recently revealed that the national minimum wage is set to increase to MKD 22,500 (approximately EUR 365) starting from March 2024. This represents a substantial elevation, more than double the minimum wage established in 2017 when the Law on Minimum Wage was initially introduced.

Historical Context

The current minimum wage, which stands at MKD 20,175, underwent modifications in March 2022 through amendments to the Minimum Wage Law. The revised approach now incorporates a calculation method that considers 50 percent of the rise in living costs and another 50 percent reflecting the average salary increase from the preceding year.

Implications of the March Increase

The Minister of Labor and Social Policy emphasized that the increase in the minimum wage is expected to have a positive impact on the standard of living for citizens, particularly benefiting the most vulnerable categories of workers. North Macedonia’s minimum wage has been notably one of the lowest in the region, and this step is seen as a move towards aligning with the European average. It’s noteworthy that the average national net salary in the country currently hovers around MKD 40,000 (approximately EUR 650).

Social Impact

The move to increase the minimum wage reflects the government’s commitment to improving the socio-economic conditions of its citizens. The Minister of Labor and Social Policy has asserted that this adjustment is crucial for supporting those who are most economically fragile.

The increase is expected to alleviate financial strain on low-wage workers and contribute to an overall improvement in the standard of living.

Economic Context

North Macedonia’s pursuit of reaching the European average minimum wage is indicative of its aspirations for economic growth and convergence with European standards. While the current average net salary is below the European average, the government’s efforts to bridge this gap through incremental increases in the minimum wage signal a commitment to enhancing economic prosperity.

Challenges for Employers

The announcement brings forth challenges for employers, especially those paying at or near the minimum wage levels. The upcoming increase requires careful recalibration of payroll calculations to ensure compliance with the law. Employers will need to navigate this adjustment period effectively to meet legal requirements and to address potential concerns regarding increased labor costs.

In conclusion, the decision to substantially increase the minimum wage in North Macedonia signifies a proactive step towards improving living standards and aligning with European economic norms. The government’s commitment to supporting vulnerable workers and the overall economic trajectory of the country is evident in this move. However, as with any significant policy change, there are challenges for employers to navigate in ensuring a smooth transition. The impact of this wage increase will undoubtedly be closely monitored in the coming months as North Macedonia continues its journey towards economic growth and convergence with European standards.

In the face of recent changes, including a significant increase in North Macedonia’s national minimum wage, Eurofast’s experts closely monitor shifts in the economic landscape. Our meticulous approach ensures businesses can navigate these changes effectively. We stand ready to assist in adjusting to new fiscal conditions, providing tailored solutions for compliance, and optimized financial strategies. Feel free to contact Eurofast office in North Macedonia at

Anastasija Karadza
Administrative Assistant
Eurofast Skopje