By Trend

Iran has increased minimum wage payable to workers by nearly 60% as a government that came to office in August moves ahead with plans to bridge economic gaps for low-paid people in the country, Trend reports citing Press TV.

Reports published in the local media on Thursday said that minimum wage payable to workers had increased to 1.393 million rials per day and 41.79 million rials (US$164) per month for the calendar year starting March 21.

The figures represent an increase of 57.4% on the current calendar year. 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.

He said the raises will be consistent Iranian Presidnet Ebrahim Raeisi’s order earlier this week to improve the welfare of the workers in the country amid inflationary conditions in the economy.