The living income for Slovak households

Authors

BRIAN Fabo GUZI Martin ŠOFRANKOVÁ Barbora

Year of publication 2022
Type Article in Periodical
Magazine / Source NBS Occasional Paper
MU Faculty or unit

Faculty of Economics and Administration

Citation
Web Download
Keywords Cost of living; Decent income; Expenditure; Household consumption
Attached files
Description Legally mandated minimum subsistence level and statutory minimum wage are often an arbitrary amount reflecting political interests more than the actual cost of living. We calculate the living income for a single adult household and the household of two adults and two dependent children based on real price microdata. Our approach accounts for a nutritious diet, adequate housing, basic clothing and footwear, transport, education, healthcare and budget for communication, recreation, and other miscellaneous goods. We report separate living income for households residing in the capital city and households living in the different types of housing. Our main aim is to calculate the cost of living for Slovak households, which can be helpful to policy professionals in variety of domains, including macroprudential regulation. Our methodology allows for regular updates and improvements of living income calculation in the future as additional data become available.
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