The government of Latvia approved an increase in the national minimum wage for 2024 to EUR 700.

‌Key Points:

• Currently, the national minimum wage is set at EUR 620 and will increase on Jan. 1, 2024
• The adopted Regulation applies to both employers and employees.

Additional Information: According to the Central Statistical Bureau (CSB), the proportion of minimum wage recipients in 2022 was the lowest in the last five years, decreasing to 16.0% of the total population.

BAL Analysis: Businesses may see a slight increase in labor costs because of the new minimum wage. Employers should take the new wage minimums into account when planning their 2024 budgets.