Minimum Wage to Rise by 10% Next Year
EghtesadOnline: Salaries of government employees will increase by 10% with an average inflation rate of below, but close to, 9% forecast for the next fiscal year (March 2018-19), the government spokesman said on Tuesday.
“The government’s budget will provide for 5% of this pay rise and the remaining half will be funded by organizations and governmental bodies,” Mohammad Baqer Nobakht was also quoted as saying by IRNA.
Wage increases outstripped inflation rate in the current fiscal year (March 2017-18) for the fourth consecutive year. The minimum wage set for the current year saw a 14.5% rise compared to last year to stand at 9.3 million rials ($238) per month.
According to the latest report released by the Central Bank of Iran, the average goods and services Consumer Price Index for urban areas in the 12 months ending September 22 increased by 9.9% compared with last year’s corresponding period, Financial Tribune reported.
The Economy Ministry expects the inflation rate to remain below 10% by March 2018.