TIRANA, Nov 7 /ATA/ -The Minister of Finance and Economy Ervin Mete affirmed Tuesday that the pay raise policy is the top priority in the proposed 2024 state budget bill. The effect of the new wage hike due on July 2024 is estimated at around 11 billion lek or more than 100 million euros.
Presenting the 2024 draft budget at meeting of the Parliamentary Committee on Economy, Mete said that “the increased state budget fund for a full 12-month period is estimated at around 22 billion lek.
“If we are to include the effect of wage increase in 2023, the total cost of the new wage reform is estimated at over 39 billion lek or $400 million,” Finance and Economy Minister said.
Mete underlined that the wage increase reform is scheduled to complete in 2024, earlier than initially planned, and the average salary will rise to 900 euros a month within 2024.
Asked whether the new salaries increase could be affected by the monetary policy of the Bank of Albania after its decision to raise its key interest rate, Finance Minister noted that the central bank’s decision is part of the efforts to cut the inflation rate to the Bank’s 3% target from a 4.1% rate in September.
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