Uzbekistan to increase minimum wage

BAKU. KAZINFORM Uzbekistan is going to increase the minimum wage beginning from July 15, Uzbek media reported on July 2 referring to Deputy Minister of Economy of Uzbekistan Mubir Mirzayev.

According to the information, the minimum wage will be increased by roughly 7 percent, Trend reports.

In December 2017, Mubin Mirzaev stated that the country is planning to introduce a system to compensate for the loss of part of the salary from inflation every six months, with the growth rate of wages being no lower than the level of inflation.

During the meeting of the International Press Club on July 2, deputy prime minister, Finance Minister Jamshid Kuchkarov said that in the 1H2018 the inflation was at 6.2 percent.

"For the first time, the forecast levels are reached ... And the International Monetary Fund does not doubt these figures. Prior to this, the IMF has never taken our assessments for real," the minister of finance said.

The expected indexation of the minimum wage will be higher than the inflation rate for the 1H2018 period.

At the end of 2018, the minimum wage will be indexed again in line with inflation for the 2H2018.