According to a report published in local media on Sunday, members of Iran’s highest council voted to increase the national minimum wage for calendar year by 45% from March 21, the report reported.
This will exceed the minimum wage paid to workers at 1399 million RI per month or 3.463 million RI per day ($3.76) next year.
The maximum wage paid under Iran’s labor law is seven times the minimum wage.
However, according to a table published by local media, the minimum wage paid to workers with two children, including forced housing and pension payments, will be 163.5 million rial ($177) next year.
The wage hike applies to all workers and employees covered by Iran’s Social Security Act, unlike pay regulations that cover millions of civil servants and military staff across the country.
This increase comes amid efforts by the government to protect low-income Iranian earners amid rising prices of food and services.
Figures released last month by the Iranian government’s Statistics Bureau showed that the country’s inflation rate rose 32% until January 19th, compared to late January 2024.
This shows that Iran has gross domestic product (GDP) close to USD 16,000 when adjusted by purchasing electricity parity equivalent to 90% of the world’s average.
MNA