RIGA - As of January 1, 2024, the minimum monthly wage in Latvia will be EUR 700, according to amendments drafted by the Welfare Ministry and approved by the government on Tuesday.
The current government regulations on the minimum wage for a full job and setting the minimum hourly rate sets the minim monthly wage for a full time job at EUR 620. However, according to draft amendments adopted last year to the Labor Law, the minim monthly wage for a full time job will grow to EUR 700 from January 1, 2024.
According to the Central Statistical Bureau (CSB), in 2018-2021, the share of employees earning the minimum wage or less ranged from 18.1 percent to 20.6 percent, or around one fifth of all employees. In 2022, the share of minimum wage earners dropped to the lowest point in five years, to 16 percent.
According to CSB data on the number of employees earning the minimum wage or less in 2022, minimum wages were paid to 17.7 percent of employees in the private sector and 11.4 percent employees in the public sector.
In the second quarter of 2023, 887,600 people, or 64.4 percent of Latvia's population aged 15-74, were employed.