STO to provide minimum wage from this month onwards

State Trading Organization (STO) has announced that they will pay salaries from this month onwards in accordance with the minimum wage regulation.

According to STO, with the implementation of the minimum wage, an additional MVR 14 million will be spent annually on salaries.

The minimum wage in the Maldives is set in four categories. Small enterprises will required to pay MVR 4500 per month as the minimum salary, Medium enterprises will required to pay MVR 7000 per month, Large businesses MVR 8000 per month, and for civil servants minimum MVR 7000 per month. Companies with more than 100 employees and earn more than MVR 20 million are considered as large businesses.

The minimum wage is considered as fixed allowance. This will not include food allowance, Ramadan allowance, overtime, service charge, and in-kind benefits.

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Ibrahim Yaafiu

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