The Republic of Serbia, situated in Southeast Europe on the Balkan Peninsula, boasts an average monthly salary of approximately 140,000 RSD (Serbian Dinar), equivalent to USD 1,324 based on the May 2023 exchange rate. These average salary estimates are influenced by various factors including industry, experience, job category, and education level. Despite this, Serbian wages typically fall below those of other developed nations such as the United Kingdom (USD 8,044) and the United States (USD 7,900), positioning it as an attractive outsourcing hub.
In Serbia, the average salary spans from a low average of 35,500 RSD per month (equivalent to USD 336) to a higher average of 626,000 RSD per month (USD 5,922). In Serbia, employees typically experience a salary increase of around 7% every 20 months, whereas globally, the average salary hike is 3% every 16 months.
Serbia's minimum wage stands at 49,399 RSD per month (equivalent to USD 467) and is established by the Social and Economic Council in accordance with parameters outlined in the country's labor legislation. These parameters encompass factors such as the nation's employment and unemployment rates, GDP growth, consumer price fluctuations, productivity levels, average wage patterns, and the essential needs of both employees and their dependents. Alongside setting minimum wage standards, Serbia's labor laws also regulate the rights and responsibilities of both employees and employers.