Government Announces Minimum Wage for Businesses


Maldives
Business
PUBLISHED November 08, 2021 | updated November 08, 2021 00:34

The government has announced minimum wages for Maldivian employees. According to the Economic Ministry, the new wages will become effective starting January 1, 2022. 

Economic Minister. Uz. Fayyaz Ismail said that the Wage Advisory Board had proposed the figures after extensive research. Adding that the proposed wages will not overburden for small businesses resulting in layoffs while protecting the rights of the employees. 

The declaration of a minimum wage is a presidential pledge of President Ibrahim Mohamed Solih, with the President instituting the Salary & Wage Advisory Board on May 1, 2019. 

Economic Minister announced the minimum wage for businesses in Maldives on November 8, setting the minimum wage for small businesses at MVR 4,500, minimum wage for medium businesses at MVR 7,000, and the minimum wage for large businesses at MVR 8,000.  

Economic Minister Fayyaz Ismail signed off on the declaration on the minimum wage in a ceremony on Monday morning.  

The minimum wage has been set at:  

- Small businesses: MVR 21.63hourly rate, MVR 4,500 monthly wage  

- Medium businesses: MVR 33.65 hourly rate, MVR 7,000 monthly wage  

- Large businesses: MVR 38.46 hourly rate, MVR 8,000 monthly wage 

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