The government has finalised the minimum wage after amending the proposal made by the Minimum Wage Board.
Economic Minister Fayyaz Ismail signed off on the finalised minimum wage at a ceremony held today at Hotel Jen. After signing the circular, Minister Fayyaz spoke on the details of the minimum wage.
The Minimum Wage Board had determined that jobs at small enterprises be paid at least MVR 24.4 an hour. However, the government’s analysis concluded that this be set at MVR 21.63 an hour. The monthly minimum wage small enterprises are obligated to pay is MVR 4,500.
Mid-sized enterprises will pay at least MVR 33.65 an hour, as per the recommendation of the minimum wage board. This amounts to MVR 7,000 a month.
Large enterprises will pay at least MVR 38 an hour; a reduction from the Minimum Wage Board’s proposal of MVR 42.79 an hour. The finalised wage amounts to MVR 8,000 a month.
The minimum wage for employees of the State was set at MVR 33.65 an hour (MVR 7,000 a month).
Minimum wage does not include benefits in kind, but applies to all fixed allowances listed in the employment contract.