A rise in the guaranteed national minimum wage to €920 gross per month, together with higher employer Social Security contributions, will raise labour costs by about €866 a year for each worker on the minimum wage. The increase reflects both direct pay and associated employer charges and will squeeze firm margins — particularly in low-margin sectors — with potential knock‑on effects on prices, hiring decisions and informal employment. Policymakers and businesses will need to weigh targeted support, phased implementation or productivity measures to offset the impact on competitiveness and employment.