In 2023 the minimal wage amount in Latvia will be set at EUR 620. In 2024 it will be set at EUR 700.
On Thursday, 27 October, Latvia’s Saeima passed in the third reading amendments to the Labour Law. These amendments increase the minimal wage amount in the country to EUR 620 in 2023 and to EUR 700 in 2024.
As BNN previously reported,
the current minimal wage in Latvia is EUR 500. Minimal wage in Estonia is EUR 654 and in Lithuania it is EUR 730.
In the annotation to the legislative draft authors mention that the minimal wage in the country must not be below the minimum employers have to provide their workers for normal full time work.
Increase of the minimal wage promotes growth of households’ income and motivates residents to engage in the labour market. This measure is also a tool to help reduce poverty among employed people, as noted in the annotation to the legislative draft.