The move was approved in a third and final reading of the relevant legislation at the last scheduled sitting of the 13th Saeima's four-year tenure.
"With rapidly increasing consumer prices, it is essential to provide additional support to the less protected part of society, including workers who receive the minimum wage. A gradual increase of the minimum monthly salary can serve as a reflection to reduce the impact of rising inflation, as well as reduce the risks of poverty," said Andris Skride, chairman of the Social and Labor Affairs Commission responsible for the progress of the bill in the Saeima.
As its authors noted in the annotation of the draft law, raising the minimum wage contributes to the growth of household incomes and at the same time can motivate greater involvement in the labor market, as well as being one of the tools for reducing working poverty.
From January 1, 2021, the minimum monthly salary has been 500 euros.