The minimum monthly wage for full-time work in Latvia was raised yesterday from 320 euros to 360 euros.
The minimum hourly wage rate was also increased - from 1.933 euros to 2.166 euros.
Latvia's new minimum wage is higher than Lithuania's - which is 289.62 euros per month - but lower than Estonia's. In Estonia, the minimum wage is 390 euros a month.
It was also announced yesterday, the income tax rate for residents of Latvia would be reduced from 24 percent to 23 percent.
80 percent of income tax revenue goes to local government budgets, while 20 percent goes to the national budget.
The Finance Ministry previously announced that the income tax rate will be reduced to 22 percent in 2016.