Gjeloshaj: I voted for a higher standard for citizens, the “Euro model” will bring up to a billion euros into the market

Montenegro’s Minister of Economic Development, Nik Gjeloshaj, stated today that he voted in favor of the “Euro model” for raising wages, stressing that he supported the plan to raise citizens’ living standards, even though it will mean higher costs for businesses. His statements, made after the Government session, were reported by the Montenegrin economic portal Bankar.me.

“I voted for a higher standard for citizens, regardless of the fact that businesses will have a higher cost”, the portal quoted the Albanian minister as saying, who stressed that there should be no fear of the “Euro model”, since according to him it will bring between 700 million and one billion euros of new money into the market.

Prime Minister Milojko Spajić has proposed that from January minimum wages in Montenegro rise to 1,000–1,400 euros, while Gjeloshaj described the move as an investment in the economy and not merely an expense. He also called for businesses to be supported with larger state grants to cope with the increased costs.

The minister added that the state stands behind the Pension and Disability Insurance Fund (PIO), responding to concerns that the wage increase could endanger the pension system.