Slovakia Real Wages YoY

Real Wages YoY represent the average wages of wage and salary workers over a certain period of time (year over year change). Wage and salary workers are those who are paid with wages, salaries, commissions, tips, payment in kind, or piece rates, among other compensation for their work or service. Wages earned on a regular basis represent earnings before taxes or other deductions, as well as the typical and customary overtime pay, commissions, or tips received (at the primary job in the case of having multiple jobs). Real wages are salaries that have been adjusted for inflation, or, in other words, wages that are measured in terms of the amount of goods and services that can be purchased. It is used in contrast to nominal wages, which are defined as wages that have not been adjusted for inflation. The fact that real wages have been adjusted to account for fluctuations in the prices of goods and services means that they are a more accurate representation of personal wages of individuals in terms of what they are able to purchase with those wages – specifically, the amount of goods and services that can be purchased with those wages.