Beirut, May 13 (IANS): Employees in Lebanon's private sector will receive an extra amount of money on a monthly basis as financial support amid the unprecedented economic and financial crisis in the country, according to an official statement.
The decree signed by President Michel Aoun on Thursday grants employees in the private sector an additional 1,325,000 Lebanese pounds ($49) a month if their monthly salaries do not exceed 4 million pounds, Xinhua news agency quoted the statement as saying.
As for monthly salaries exceeding 4 million pounds, they will be subject to an increase determined by "collective agreements and negotiations with the International Labor Organization", it added.
Lebanon's minimum wage per month is set at 675,000 pounds, once equal to $450 but now only $25, as the country's inflation has soared to 208 per cent, according to government data.