Economy, Domestic Economy

Wages to Rise 14%

Wages to Rise 14%Wages to Rise 14%

Despite the difficult economic climate in recent years, wage increase continues to outstrip inflation for the third consecutive year, said Minister of Cooperatives, Labor and Social Affairs Ali Rabiei on Wednesday.

Speaking to reporters after the meeting of the High Council of Labor, Rabiei noted that the minimum wage set for the new Iranian year (to start on March 20) will see a 14% rise compared to the current year and reach 8.12 million rials ($237 at market exchange rate) per month.

A point-to-point inflation of 45% was handed to President Hassan Rouhani in June 2013 by former president Mahmoud Ahmadinejad.

After a year, the government was able to cut inflation to half. An inflation of lower than 20% was registered for September 2014 and the rate kept falling and reached 15% in March 2015.

In the latest report released by the Central Bank of Iran, the goods and services Consumer Price Index for urban areas in the 12-month period ending February 19, was said to have increased 12.6% compared with last year’s corresponding period.