The minimum monthly wage will be increased from EUR 620 to EUR 700 as of 1 January 2024 as provided by the Regulation of the Cabinet of Ministers "Amendment to Cabinet Regulation No. 656 "On the Amount of Minimum Monthly Wage within the Framework of Normal Working Time and Calculation of Minimum Hourly Tariff"" of 24 November 2015 that was adopted by the Cabinet of Ministers on Tuesday, 14 November.
The adopted Regulation applies to employers and employees. According to the Central Statistical Bureau (CSB), 887.6 thousand or 64.4 % of the population aged 15-74 were employed in Latvia in the second quarter of 2023. The CSB data also show that in 2022 the proportion of minimum wage recipients was the lowest over the last five years, decreasing to 16.0 %.
The CSB data on the number of employees with labour income up to and including the minimum wage show that, in 2022, there were 94190 employees out of 123143 employees or 17.7 % in the private sector while 26032 employees or 11.4 % of all employees in the public sector.
