The minimum wage in Slovakia will rise from current 480 euros (545 U.S.dollars) to 520 euro (591 U.S. dollars) next year. according to a government decree signed by Slovak Prime Minister Peter Pellegrini to this effect on Monday.

At the same time, Pellegrini stressed that Slovakia's economy is doing well, the government will hold talks with social partners on further hikes of the minimum wage in the future.

"With this step we continue to significantly increase the minimum wage, and our goal is to have a minimum wage reaching at least 60 percent of the average salary in the national economy in the future. On the other hand, as the prime minister I want fewer and fewer people to work for the minimum wage in Slovakia," said Pellegrini.

The minimum wage will exceed 500 euros (568 U.S.dollars) for the first time in Slovakia's history.