Minimum wage adjustment 2023: Effects on citizens' money, industry wages and the skilled worker immigration law

Minimum wage adjustment 2023: Effects on citizens' money, industry wages and the skilled worker immigration law

According to a report by www.br.de, the minimum wage will rise from 12 to 12.41 euros in 2024. This means that the lower limits for social benefits must also be raised. This is intended to boost purchasing power, but there is also the potential for price increases and consequently inflation to occur due to increasing demand.

Citizens' benefit recipients should not be disadvantaged and therefore the minimum rate for citizens' benefit will be increased. The income limit for mini and midi jobs will also be raised. At the same time, citizens' benefit recipients who refuse any job offer should be punished more severely.

In addition, some industry minimum wages are increasing, and from February it will be easier for people from non-EU countries to find work in Germany. German professional recognition is then no longer necessarily required to start working.

These developments have various effects on the labor market and the financial sector:

1. Kaufkraft und Inflation: Die Anhebung des Mindestlohns und der Sozialleistungen kann die Kaufkraft der Bevölkerung steigern, jedoch besteht auch das Risiko von Preiserhöhungen und Inflation. Finanzexperten müssen die Entwicklung der Preise und die Inflationsrate genau beobachten, um mögliche Auswirkungen auf die Finanzmärkte einzuschätzen.

2. Sanctions for citizens' benefit: The stronger sanction options for those receiving citizen's benefit could result in an increase in willingness to work. This can affect labor market dynamics and the distribution of social benefits.

3. Facilitation for workers from non-EU countries: The expansion of the Skilled Immigration Act can lead to increased immigration of workers from non-EU countries, which can impact the labor market structure and the demand for qualified workers.

Overall, it is important to keep an eye on the various changes and effects on the labor market and the financial sector in order to be able to make well-founded decisions in the area of ​​investments and financing.