Iran has increased minimum wage payable to workers by 57.4% as a government that came to office in August moves ahead with plans to bridge economic gaps for low-paid people in the country.
The minimum wage payable to workers has increased to 1.393 million rials per day and 41.79 million rials (US$164) per month for the calendar year starting March 21.
A maximum wage payable under Iran’s labor law and regulations approved by the government will be seven times the minimum wage.
However, the lowest wage payable to a worker in Iran, including compulsory payments on housing and pension, will be 56.797 million rials ($222) over the next calendar year, showed tables published by the Supreme Labor Council of Iran.
The wage rules apply to all workers covered by Iran’s Social Security Law and is different from salary regulations covering millions of civil servants in Iran who are on government payroll.
Iranian labor minister Hojjatollah Abdolmaleki said the raise in minimum wage would improve the purchasing power of workers in the country while boosting the effective demand in the economy.