Last-minute developments ahead of the July 2024 minimum wage hike
Employees and employers are awaiting with great curiosity the last-minute developments regarding the minimum wage increase in July 2024. Due to the economic situation and the inflation rate, expectations are high as to how much the minimum wage will increase by.
Statement from the Ministry of Labor and Social Security
The Ministry of Labor and Social Security said the Minimum Wage Setting Committee will speed up its work and a new minimum wage will be set in July. A ministry official said the increase will be made in a way that improves employees’ living standards.
Expected salary increase rate
According to estimates by economists and labor unions, the increase in the minimum wage in July 2024 could be between 20% and 25%. This rate will be determined taking into account current economic indicators and the inflation rate. The goal is to protect employees’ purchasing power and improve their living conditions.
Employer’s opinion
Employers say the rate of pay increases should be determined in a balanced way, and they have called for government support to be taken into account, as rising labour costs could put a strain on small and medium-sized businesses.
Trade union demands
Meanwhile, unions representing employees have stressed that the minimum wage should be increased by a higher percentage to prevent it from being eroded by inflation. Union officials say economic growth should be reflected in employees and are demanding a fair pay increase.
When will the results be announced?
The Minimum Wage Committee is scheduled to meet at the end of June to announce its decision, which will come into force in July and directly affect millions of employees.
Please continue to follow the developments closely by visiting the @kamuajans account and our website. The most up-to-date and accurate information on the July 2024 minimum wage increase can be found here.
