Minimum wage in 2024 to be raised to EUR 700

As of next year, the minimum wage in Latvia will be EUR 700 per month before tax, according to amendments to the minimum wage regulations accepted by the government November 14.

This year, the minimum wage is 620 euros.

Gradual increase of the minimum wage was foreseen by amendments to the Labor Law adopted by the Saeima in autumn 2022, which foresees raising the minimum wage from EUR 500 to EUR 620 on January 1, 2023, and to EUR 700 on January 1, 2024.

Now the government has supported amendments to the regulations on the amount of the minimum monthly wage within the framework of normal working hours and calculation of the minimum hourly tariff rate, which determines the respective increase of the minimum wage.

According to the Central Statistical Bureau, in 2018-2021, the proportion of workers receiving minimum wages or less ranged from 18.1% to 20.6%, while in 2022 the proportion of minimum wage recipients has been the lowest in the past five years, falling to 16%, the annotation of the amendments said.

The increase in the minimum wage will affect the increase in total wages by approximately one percentage point.


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