Turbulent Times for Companies: Consequences of the War in Ukraine and 12 € Minimum Wage

The year 2022 was characterised by extraordinary social and economic pressures. Russia’s war against Ukraine led to major energy policy and economic upheaval, high inflation and the challenge of taking in refugees from Ukraine. At the same time, the statutory minimum wage was increased twice in 2022 from 9.82 € to 10.45 € in July and to 12 € per hour in October. With regard to this significant increase in a difficult economic environment, many questions arise: How many and which firms were affected by the minimum wage increases in 2022? How severely were these establishments affected by the war in Ukraine? What are the challenges they are currently facing?