The government of Latvia approved an increase in the national minimum wage for 2024 to EUR 700.

‌Key Points:

  • Currently, the national minimum wage is set at EUR 620 and will increase on Jan. 1, 2024
  • The adopted Regulation applies to both employers and employees.

Additional Information: According to the Central Statistical Bureau (CSB), the proportion of minimum wage recipients in 2022 was the lowest in the last five years, decreasing to 16.0% of the total population.

BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimums into account when planning their 2024 budgets.

This alert has been provided by the BAL Global Practice Group.

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