The Economic Ministry has announced the minimum wage for businesses in the Maldives. Economic Minister Fayyaz Ismail declared the minimum wage at a special ceremony held on Monday.
The Minimum Wage Board had recommended that the government sets MVR 24.04 per hour for small businesses, MVR 33.65 per hour for medium businesses, and MVR 42.76 per hour for large businesses as minimum wage for the private sector.
As per the recommendation, an employee would earn MVR 5,000 per month if they worked 48 hours per week. While employees at medium businesses would earn MVR 7,000 per month, those working at large companies would earn MVR 8,900 as monthly wage.
The board's recommendations were reviewed and assessed by the Economic Ministry, which set the minimum wage below the board-recommended amount for two sectors. The minimum wage for small businesses was set at MVR 21.63 per hour and MVR 38.46 for large businesses. Employees at medium businesses would earn MVR 36.65 per hour, the same value recommended by the board.
Minister Fayyaz said the minimum wage was set for two categories below the recommended amount after considering the economic impact of the global COVID-19 pandemic.
As per the minimum wage set by the government, employees working for small businesses will earn a minimum of MVR 4,500 per month, while those working for large businesses would earn MVR 8,000. Those working for medium businesses will make MVR 7,500 per month.
The minimum wage for the public sector was set at the same amount as recommended by the board. Those working in the public sector will earn MVR 33.65 per hour, and permanent employees who work at least 30 hours a week would receive a monthly wage of MVR 7,000.
The minimum wage includes the basic salary and fixed allowances. Non-fixed allowances such as overtime, Ramadan allowance, and service charge are not included in the minimum wage.