Economic Minister Fayyaz Ismail says the government is planning to launch an unemployment scheme next year.
In the ceremony held to announce the minimum wage for the first time, Minister Fayyaz said that the scheme would be up and running next year and that it would be established with the aid from World Bank.
Fayyaz went on to say that the government would begin a pilot program for the scheme and plans to extend the program nationwide depending on the results of the program.
The Minister noted that more than MVR 450 million had been issued as income support allowance given to those who had been economically affected by the COVID-19 pandemic.
Today the government announced the minimum wage for both the private and public sectors with the minimum wage for small businesses set at MVR 4500.
The Ministry said that for medium businesses a minimum wage of MVR 7,000 has been set and that the hourly rate for such businesses is MVR 33.65.
As for large businesses, the Economics Ministry decided on a minimum wage of MVR 8000, which is MVR 900 less than the board's recommendation.
The public sector minimum wage is set at MVR 7,000.
The new wages will be in effect from 1 January 2022 onwards.
