Wednesday, May 7, 2008

Lebanon to raise minimum wages by 65%.

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Lebanon to raise minimum wages by 65%. The Lebanese government said it had decided to raise minimum wages by USD 130 a month or 65% to USD 330 a month. Information minister Ghazi Aridi said the cabinet also agreed to pay special bonuses for civil servants and retired public sector workers. The move was likely aimed at reducing the tensions ahead of the planned general strike over price hikes. However, the main trade union federation, the General Confederation of Workers in Lebanon (CGTL), which has called the strike, said the planned measures were insufficient noting the bonus did not apply to the private sector. They pledged to go ahead with the strike. CGTL organised other protests earlier this year demanding minimum wage of USD 600. According to estimates of the consumer association, the prices in the country have increased by 43% over the past 21 months. Central bank governor Riad Salameh recently said inflation reached 10% y/y in March. Official unemployment rate stands at 10% but unofficial estimates put it 20%.

Country risk 2008:

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

Lebanon to raise minimum wages by 65%.

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