Iran raises minimum wage for workers by 45%
Iran has increased its minimum wage by nearly a half amid efforts to cushion the impacts of inflation on the lives of millions of workers in the country.
Reports published in the local media on Sunday said that members of Iran’s Supreme Council of Labor had voted to increase the minimum wage in the country by 45% for the calendar year starting March 21.
That will raise the minimum wage payable to workers to 103.99 million rials per month or more than 3.463 million rials ($3.76) per day in the next calendar year.
The maximum wage payable under Iran’s labor law is seven times the minimum wage.
However, the lowest wage payable to a worker with two children, including compulsory payments on his or her housing and pension, will amount to 163.5 million rials ($177) over the next calendar year, according to tables published by the local media.
The wage increase will apply to all workers and employees covered by Iran’s Social Security Law and will be different from salary regulations covering millions of civil servants and military staff in the country.
The increase comes amid efforts by the government to protect low-income people in Iran amid the rising inflation in the price of food and services.
Figures released by the Iranian government’s statistics agency last month showed that the inflation rate in the country had increased by 32% in the year to January 19 compared to the year to late January 2024.
That comes as World Bank figures show that Iran has a gross domestic product (GDP) per capita of nearly 16,000 USD when adjusted by Purchasing Power Parity, which is equivalent to 90 percent of the world's average.
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